The war and political instability in the Middle East have caused fresh alarm over winter energy supplies worldwide. As a direct result, natural gas prices in the European Union have jumped to their highest level in four years, the highest since 2022.
When trading resumed on Monday after Friday’s close, Europe’s gas benchmark rose 3.3%, pushing the price above 97 euros (about $108.8) per megawatt-hour, a level not seen since December 2022.
The main cause is a sharp fall in supplies of liquefied natural gas (LNG) from the Persian Gulf region, which provides about a fifth of total world LNG demand. Because of the ongoing conflict, supplies from the region are down by about 80% compared with the same time last year.
Europe’s own gas cushion is also fragile. According to Gas Infrastructure Europe, storage sites in EU countries are now only 74.6% full, well below the normal average for this time of year.
With supply from the world market falling on one side and its own reserves running down on the other, Europe’s energy market has become highly volatile even before the harsh winter sets in.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report