Gas prices in Europe rose by about 30 percent on Monday, following the war in the Middle East which has shaken energy markets. Prices for the Dutch TTF natural gas contract, which serves as a benchmark in Europe, rose to 69.50 euros per megawatt-hour before retreating slightly. Despite the increase, prices remain lower than the levels reached in 2022 when the war in Ukraine broke out.
In a related context, a spokesperson for the European Commission said on Monday that the bodies responsible for coordinating oil and gas supplies in the European Union will meet on Thursday, after the situation in the Middle East caused oil prices to jump past $100 per barrel. These groups are scheduled to monitor the impact of the war in the Middle East on the energy sector and discuss the latest assessments from the bloc’s countries regarding oil supplies.
