European gas prices rise on fears of pause in Egypt LNG exports

European natural gas futures surged on Monday by around seven percent to the highest level since mid-February at €54 per megawatt/hour, driven by supply concerns of rising geopolitical risks, according to Trading Economics.

These risks caused a 36 percent increase in Dutch TTF Natural Gas Futures, from €36.650 per megawatt-hour (MWh) on 6 October, to €49.9 MWh by 23 October.

Natural gas prices in Europe have jumped 40 percent since the start of Israel's war on Gaza, according to data from Trading Economics.

Egypt’s LNG exports to Europe make up only a small share of the continent’s imports. Instead, the main concern is that the Israeli war on Gaza could spread to other countries in the region, disrupting crude oil and LNG traffic through the Strait of Hormuz

Last year, European natural gas prices reached astronomical heights when Russia – which had a chokehold on the continent’s gas supply – invaded Ukraine.