The price of gas in Europe on Monday rose sharply by more than 10 percent to exceed 42 euros per MWh following the closure of the Balticconnector gas pipeline between Finland and Estonia. The market may also be affected by the worsening situation in the Middle East. This is proven by trade data.
The price of November TTF futures rose more than 10% to $475.38 per cubic meter, according to the ICE exchange. The price increase occurred after it became known that the Baltic connector was closed due to a possible leak.
The president of Finnish operator Gasgrid said the restoration of the pipe is not expected until the end of winter. This incident highlights the fragility of subsea gas infrastructure in the wake of Nord Stream explosions. In addition, rising oil prices amid the conflict between Israel and Hamas may also affect gas prices. Additionally, Bloomberg states that some of Israeli gas goes to the EU via Egypt.
It became known how much gas there was at the beginning of October. managed Save Europe.
India before reported About the threat of energy crisis due to OPEC policies.