European gas prices rose on Friday, as Israeli blows in Iran caused concerns that the rejuvenation of tensions in the Middle East could affect natural gas supply.
The TTF Dutch Reference Contract is negotiated at 37.78 euros per megawatt with a 4.44% rise
Israel said it was targeted by Iran’s nuclear facilities, ballistic missile factories on Friday.
Follows the rise of oil
The news sent oil prices to the highest levels of almost five months, which offered indirect support for gas prices in the EU.
“Immediate support also came from concerns about a possible blocking of the strait of Ormuz, through which 20% of the world’s liquefied natural gas supply, mainly from Qatar, but also by the United Arab Emirates,” Energy’s EnergyScan said in a morning note.
LSEG analyst Yuriy Onyshkiv said the prospects for TTF today remain up, adding that today’s meeting would reflect the reaction of the energy market to this new conflict and the possibility of further escalation.
Despite these developments, the provision for the supply -demand balance for northwestern Europe remains largely unchanged, with only minor adjustments associated with maintenance in the Oseberg deposit in Norway, Onyshkiv said.
The provision for demand also remains stable for the next two weeks.
Source: Skai
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