Natural gas prices surged in Europe as the Netherlands prepares to announce the closure of Europe's largest gas site later this year, according to Bloomberg.
Benchmark futures contracts rose about 24%, Thursday, and reached their highest levels since early April. The current price jump comes for the third day in a row, as long production outages and hot weather across the continent raise supply concerns.
Sources familiar with the matter said that the decision to close the Dutch center came due to fears of earthquakes near the Groningen gas field, and it will enter into force from October 1, and the cabinet will convene to formally announce the decision later this month.
Natural gas prices rose sharply with U.S. futures rose about 9% to the 3-week high, while EU's TTF gained about 7.5% to the highest level since April.
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