European wholesale natural gas prices tentatively stabilized at the end of the week. Although they remained above the level of 50 euros per megawatt-hour (MWh), their fluctuations significantly eased. Markets are reassessing how Europe and Asia will replace the liquefied natural gas (LNG) shortfall from the Persian Gulf. TASR informs about this based on data from the tradingeconomics portal.
The price of the benchmark European gas contract for delivery next month (April) on the TTF exchange in Amsterdam on Friday (13/03) it fell by 1.48% to 50.115 euros per MWh.
Iran’s attacks on the Persian Gulf states intensified at the beginning of the week, reducing hopes for a quick calm. The conflict has forced QatarEnergy to shut down operations at liquefied natural gas facilities, which cover about a fifth of the world market. LNG shipments from the United Arab Emirates remain suspended as tankers avoid the Strait of Hormuz. European gas prices are higher by around 60% compared to the beginning of March.
