Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Natural Gas Prices In Europe Surge On Russian Supply Concerns

Published 2024-05-23, 05:56 a/m
© Reuters.  Natural Gas Prices In Europe Surge On Russian Supply Concerns
NG
-
GAZP
-

Natural gas prices across Europe are spiking as concerns grow about continued supplies from Russia.

NaturalGas prices are now at their highest level since January, with prices rising to €34.39 (U.S.$37.35) per megawatt-hour.

The sharp rise in prices comes after energy companies warned of potential disruptions in Russian natural gas flows due to a court ruling in Austria that could impede payments to Gazprom (MCX:GAZP), the Russian energy provider.

Gazprom is a major supplier of natural gas to the European continent. As much as six billion cubic meters of natural gas from Russia could be disrupted by the recent court ruling.

Some countries, such as Austria, rely on Gazprom and Russia for more than 90% of their natural gas needs.

European countries have been increasing their natural gas storage in recent years and buying liquefied natural gas from countries such as the U.S. and Canada to cope with Russian volatility.

Energy supplies from Russia have been disrupted and volatile ever since that country invaded Ukraine in 2022, incurring sanctions from western nations as a result.

This content was originally published on yolowire.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.