Natural gas prices in Europe peaked on Wednesday, reaching their highest level this year.
Prices shot up by 5.7% on the Dutch futures market in Amsterdam, reaching €38.78 per megawatt-hour (MWh).
This surge stems primarily from the recent Ukrainian incursion into Koursk, Russia, where clashes are reportedly unfolding near Sudzha, a key point for natural gas injection into Ukrainian pipelines headed to Western Europe.
Bloomberg news agency reports that Russian gas company Gazprom anticipates regular gas deliveries.
Prices had been on the rise since late July, but they have accelerated in recent days. Investors fear that a war in the Middle East, particularly given the tensions between Iran and Israel, could have an impact on the region’s gas supply.
Gas prices had reached a record high of over €300 per MWh following Russia’s invasion of Ukraine in February 2022.
These prices have since declined and remained relatively stable in recent months, hovering between €30 and €40.
