Gas prices on the European market are recording strong growth and have today reached the highest level since January 2023, warns Almir Bečarević, energy expert.
“On the reference Dutch TTF exchange, the price of gas rose to 63 euros per MWh. This is an increase from 27 euros to 63 euros per MWh.
This development is a direct consequence of the war in the Middle East. The fact that European gas storages are still not sufficiently filled is particularly worrying, and their replenishment is taking place at the highest prices in the last three years,” Bečarević points out.
In addition to the possible risk of a lack of gas during the coming winter, this trend will further increase the pressure on the growth of gas distribution prices throughout Europe, especially if the current price level is maintained for a longer period.
“The situation on the gas market is not at all encouraging. Gas storages must be filled before the start of the heating season, while gas prices have been rising almost continuously for a month.
At the same time, the price of crude oil is also rising, reaching around 98 US dollars per barrel. This could lead to a new increase in the price of petroleum products and further increase inflationary pressures, he writes NAP.
Current developments in the gas and oil markets are a consequence of the war. If there is a further escalation of the conflict, serious corrections in energy prices are possible, as well as disruptions in their supply, which would represent an additional challenge for the European economy and consumers,” Bečarević adds.
