Natural gas prices in Europe have soared more than 10% amid events related to the Wagner PMC – Trading Economics
The cost of the blue fuel has risen to 36 euros per megawatt-hour, after "a mutiny in russia over the weekend raised further supply concerns"
Gas imports from russia to the European Union, including pipeline gas and LNG imports, have significantly decreased following russia's invasion of Ukraine, but still made up about 25% last year.
This is reported by Trading Economics.
Analysts say that in June, natural gas prices in Europe increased by approximately 30% amid instability related to supply and the hot weather of the summer season.
Several outages at Norwegian gas fields have been extended, and repair works will also continue into July. Norway has replaced russia as one of the largest sources of natural gas imports to the EU, accounting for about 25%. In addition, the Netherlands intends to close Europe's largest gas storage facility near Groningen due to earthquake risks from 1 October.
However, European gas storages are almost 76% full, a record level for this time of the year.
Background. Mind previously reported that natural gas futures in Europe had fallen to a level of approximately 30 euros per megawatt-hour.
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