Dutch front-month gas, Europe’s benchmark, rose as much as 14.2% to €53 per megawatt hour, FT reported, taking the total rise since last weekend's Hamas attack on Israel to over 30%.
It is the latest jitters in a market that has been volatile since Russia invaded Ukraine in 2022. Prices have fallen from a high of 300 euros per megawatt hour in August 2022 and Europe has largely filled its reserves ahead of winter, which protects it from further disturbance.
Continued increases will however drive prices higher for businesses and consumers once the continent's winter stocks run low. While oil markets have been largely unaffected by the Israel-Hamas conflict, traders are concerned about the risks facing energy supplies around the world.
