Gas prices in Europe reach their highest level since December 2022

Brussels - Ofoq News - Gas prices in Europe jumped, today, Tuesday, to their highest level since December 2022, amid continued tension in the Strait of Hormuz and concerns about declining storage levels on the continent.

The price of gas, according to the European TTF reference index, recorded 86.2 euros, equivalent to 96.3 dollars per megawatt-hour, an increase of 2.4%.

This increase comes in light of the supply disruptions associated with the US-Israeli war on Iran and the targeting of tankers in the Strait of Hormuz.

According to data from the European Statistical Office (Eurostat), the European Union depends on abroad to cover 96% of its oil needs and 85% of its gas needs.

Gas reserves in European Union countries amounted to about 71.5% as of this October, compared to a seasonal average estimated at about 92%, according to data from the European Gas Infrastructure Organization.

Europe's imports of liquefied natural gas from the United States constitute about 57% of total supplies, following the decline in supplies coming from the Gulf countries following the outbreak of the war on Iran.

The European energy crisis is worsening with increased reliance on liquefied natural gas, following a decline in Russian gas supplies since the start of the war in Ukraine in February 2022.

Energy supplies through the Strait of Hormuz have witnessed turmoil since the outbreak of war against Iran on February 28, in light of disputes over navigation in the strategic strait, which represents a major corridor for global energy and commodity supplies.