Gas prices in Europe have increased to high levels since 2022, while fears continue to rise around the continent’s supply this winter and continued conflict in the Middle East.
Major gas prices reached 97 euros for megawatts-hours on Monday, while temperatures across Europe fell, and businessmen predicted a stronger demand for heating.
The rise in gas prices comes as fears increase that there may be further supply cuts in the Middle East, amid reports that the US and Israel have drafted plans for new attacks on Iran following the US Muslim elections.
These reports helped bring the price of oil to $117 per barrel Friday. The price of crude oil, Brent, withdrew by about 2% on Monday, but remains over $14 per barrel.
Europe is also facing a lack of stored gas reserves as it approaches winter, with reserves at their lowest level in more than a decade due to a slowdown in exports from Qatar and a summer consumer growth to power the cooling and cooling system. The European deposits are now around 75% complete, versus a seasonal average of nearly 80%, Euronews.al writes.
European stock markets rose slightly Monday due to the weaker price of oil, with Stox Europe 600 ʹ which follows the largest companies on the continent that rose 0.3% in early Monday trade.
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