Foreign media report that wholesale gas prices in the global market have surged by nearly 50 percent, particularly in Europe and the United Kingdom, after major liquefied natural gas (LNG) exporter QatarEnergy took steps to suspend production following attacks by Iran.
Gas prices at the Dutch TTF hub — regarded as the European benchmark — have risen by 14.56 euros per megawatt hour (MWh), reaching 46.52 euros (US$54.45).
According to the report, Asian LNG prices have also climbed by approximately 39 percent as of this morning. The Japan-Korea Marker (JKM) index recorded prices at US$15.068 per million British thermal units (mmBtu).
Meanwhile, the United Kingdom’s April gas contract price increased by 40.83 pence to 119.40 pence.
Warren Patterson, Head of Commodity Strategy at ING, stated that if gas supplies from Qatar are disrupted for an extended period, prices could rise further to between €80 and €100 per megawatt hour (US$28–35/mmBtu), the media report added.
Source: Al Jazeera
