Gas prices in Europe jumped more than 44% in a single day, amid concerns about supply shortages and importers in Europe and Asia scrambling to secure short-term contracts for their needs.
According to the Telegraph, this is the largest single-day jump in LNG prices, since March 2022, which followed the outbreak of the Russo-Ukrainian war.
Liquified natural gas prices jumped today to more than $42 per megawatt-hour for the first time since last June, the paper said. Prices were below €29 last Monday.
The telegraph said the rise in gas prices comes in conjunction with a Labour vote at liquified natural gas plants in Australia, to start a strike that would affect the country's gas exports.
Traders are concerned about a long-running strike, with analysts at Citigroup predicting it could cause European and Asian liquified natural gas (LNG) contracts to double for January, according to the Financial Times.
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