European natural gas futures soared to 37 euros per megawatt-hour
According to experts, the reason for the growth was the difficult security situation in the Red Sea
European natural gas futures have soared to 37 euros per megawatt-hour as growing risks to the safety of navigation in the Red Sea put pressure on energy markets.
This is reported by Trading Economy.
BP and other companies have stopped transiting the Red Sea after Houthi militants stepped up attacks on merchant ships, saying they were targeting ships linked to Israel.
As a result, ships are now forced to take a long and expensive route around the Cape of Good Hope to avoid this danger. Nevertheless, the supply of LNG in Europe remains high, and its reserves are at record high levels. Temperatures have also returned to moderate levels after a brief cold snap, keeping demand for gas heating stable.
