Europe gas prices rise 60% in two weeks as Russia reduces supply

The price of natural gas per megawatt-hour in Europe increased 60% over the last two weeks, with global gas supply decreasing due to technical issues.

The price of natural gas per megawatt-hour for July contracts in Europe, trading on the Netherlands-based virtual natural gas trading point (TTF), rose to €127.17 ($133.49) at closing on Wednesday, a 60% jump from €79.40 ($83.35) on June 8.

The megawatt-hour price of natural gas, traded at €79.40 on June 8, was the lowest closing level over the last four months since the start of the Russia-Ukraine war on Feb. 24.

On June 16, natural gas closed at €124.36 to reach the highest closing level since March 31.

The decrease in the quantity of natural gas from Russia to Europe and the closure of the Freeport LNG terminal in the US state of Texas due to fire have pushed gas prices higher.