Explained | Why natural gas prices are soaring
The Hindu
Host of reasons, including economic recovery and geopolitics, behind trend
This is supposed to be an off season. Winter is yet to set in. But natural gas prices soared over the past few months, especially in Europe. The price of natural gas in Europe is now six times higher than what it was last year. Across the continent, natural gas inventories are falling. On Wednesday, the benchmark Dutch gas futures price jumped 40% in the morning trade to touch €162.13 a megawatt-hour, an eight-year high, but reversed course after . But even after the day’s fall, gas prices in Europe remained twice as high as they were a month earlier. And on Friday, prices started rising again. What’s driving up the prices?
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