Natural gas prices in Europe rose as traders assessed supply risks amid hot weather in some parts of Asia and Hurricane Beryl affecting a major gas supplier in Texas (USA).
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| Gas prices in Europe have risen by more than 20% since traders began stockpiling in April. (Source: RT) |
Specifically, the price of the European benchmark gas futures contract at one point rose by as much as 2.1% on July 8th.
Europe's gas inventories are at full capacity at this time of year, but the global market on which the region depends has recently seen some disruptions.
Gas prices in the region have risen by more than 20% since traders began stockpiling in April.
The risk that the market is closely watching is that Hurricane Beryl, making landfall on the Texas coast (USA), will disrupt liquefied natural gas (LNG) operations there.
Freeport LNG's liquefaction facility has announced a reduction in production.
Meanwhile in Europe, an unscheduled shutdown at the UK's Tolmount facility lasted until the evening of July 8th. Unusually hot weather across many parts of Asia is also increasing demand for natural gas to generate electricity.
BloombergNEF analysts Iryna Sereda and Alireza Nahvi wrote: "Europe's increasing reliance on LNG means gas prices will remain highly vulnerable to unexpected supply disruptions and weather changes in Europe or Asia."
Source: https://baoquocte.vn/mot-yeu-to-bat-ngo-tu-my-day-gia-khi-dot-tai-chau-au-tang-vot-278167.html
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