Capitals, March 3 (SANA) European gas prices surged Tuesday, surpassing $650 per 1,000 cubic meters for the first time since February 2023, driven by escalating U.S.-Israeli-Iranian tensions and concerns over global energy supply disruptions.
Dutch TTF futures for April rose to $656 per 1,000 cubic meters (54.46 euros per megawatt-hour), marking a gain of more than 20% on the day. The jump followed Qatar Energy’s suspension of LNG production at the Ras Laffan complex after an attack, along with Iranian threats against oil and gas shipments through the Strait of Hormuz.
Daily charter rates for LNG carriers in the Atlantic exceeded $200,000, nearly double levels from 24 hours earlier, reflecting fears of supply shortages and extended shipping routes.
Analysts said U.S. LNG exporters may partially benefit from the supply gap, though production is near maximum capacity, with limited scope to increase exports by more than 5%.
Companies including Venture Global and Cheniere are gradually expanding facilities, supporting U.S. natural gas export capacity.
