- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,579+0.09%
- October 17, 202612°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,579+0.09%
- October 17, 202612°
Natural gas prices at TTF rose 8% to €59.5
September-delivery contracts at TTF, Europe's natural gas trading hub with the highest trading volume, traded at €59.5 per megawatt-hour. Uncertainty over shipments through the Strait of Hormuz, along with a heat wave and low natural gas inventories in Europe, contributed to the price increase.
Natural gas prices in Europe rose 8% from the previous close amid uncertainty over shipments through the Strait of Hormuz and supply-demand pressures across the continent.
September-delivery contracts at the Netherlands-based TTF opened the day at around €56 per megawatt-hour. After reaching €60.5 during the day, the contracts traded at €59.5 at 17:10 TRT.
The contracts had closed the previous trading day at €55.5 per megawatt-hour.
Uncertainty in the Strait of Hormuz
Uncertainty over the future of shipments through the Strait of Hormuz contributed to the rise in natural gas prices.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said the Strait of Hormuz would not be a safe passage route if the United States continued its current policy and naval blockade.
Heat wave and low inventories
A heat wave expected to affect Europe again this week is forecast to increase electricity demand.
Natural gas storage facilities across the continent being at historically low levels are also putting upward pressure on prices.
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