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Crisis in the Middle East: Gas prices rise to 3-month high

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Crisis in the Middle East: Gas prices rise to 3-month high

Commodity markets are eagerly awaiting Israel’s response to Iran’s attack on Israel over the weekend – driving up the price of gas. picture alliance / Wolfgang Maria Weber | R7172

European natural gas price rises to three-month high amid Middle East tensions The TTF futures contract for one-month delivery reaches 33.95 euros per megawatt hour, the highest price since early January. One reason for the price increase is investors’ fears of a new conflict in the Middle East and possible impacts on gas supplies from the region.

Tensions in the Middle East have pushed the price of European natural gas to its highest level in more than three months. The key futures contract TTF for one-month deliveries rose to 33.95 euros per megawatt hour on the Amsterdam Stock Exchange on Wednesday, the highest price since early January. In the past seven days, the price of gas has risen by more than 20 percent, making up for the decline in the first few months of the year.

One reason for the price increase is investors’ fears of a new conflict in the Middle East and the possible impact on gas supplies from the region. Commodity markets are eagerly awaiting Israel’s response following Iran’s attack on Israel over the weekend.

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The unusually mild winter in Europe had previously led to a fall in gas prices. In February the price fell to 22.31 euros, its lowest level since last summer. In addition, inventories are unusually high for this time of year.

Although the overall level of gas storage in Germany has fallen since the beginning of the year – on April 15th the level was 69.28 percent compared to a good 91 percent at the beginning of the year – stocks are still comparatively high. The filling level of all European gas storage facilities was 62 percent. However, according to the gas storage association GIE, the average filling level over the last five years is only 43 percent at this point.

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AA/dpa

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