Natural gas prices in Europe increase by 60 percent in two weeks

The megawatt-hour price of natural gas, which was traded in Europe on June 8 at 79.40 euros, increased by 60 percent yesterday to 127.17 euros.

The megawatt-hour price of natural gas traded in Europe at 79.40 euros on June 8 had seen the lowest closing level in the last four months since the start of the Russia-Ukraine war. However, the megawatt-hour price of natural gas, which reached 127.17 euros yesterday, has increased by 60 percent in two weeks.

The megawatt price of natural gas had seen its highest closing level since March 31, ending the day at 124.36 euros on June 16.

The increase in prices was due to a decrease in the amount of natural gas sent by Russia to Europe and the closure of the Freeport LNG terminal in the US state of Texas due to a fire.

On June 14, the Russian energy company Gazprom announced that gas shipments to Europe via the Nord Stream line had been reduced from 167 million cubic meters to 100 million cubic meters. Gazprom also announced that up to 67 million cubic meters of natural gas per day could be supplied via the line as of June 16.