Gas in Europe started the morning more expensive than $ 800

Following the oil rushed and gas. On the morning of March 9, trading on European stock exchanges began with a jump in prices above $ 800 per thousand cubic meters. These are the highest prices since December 2022.

On Monday morning, gas supplies for a month ahead on the TTF exchange jumped in price to $ 828 per thousand cubic meters. The jump compared to previous trading, on Friday, was 27%, and since the beginning of the Iranian crisis — more than 100%.

Next, prices dropped to $ 772, but continue to be the highest in more than three years.

If the trigger of the new rise in price was the rapid rise in oil prices, then the main reason is the stoppage of LNG supplies from the UAE and Qatar. The latter is one of the largest LNG exporters.

"The shutdown of production in Qatar is likely to eliminate most of Morgan Stanley's projected oversupply for this year. The bank now sees a surplus of 2 million tons. Any extension of downtime in Qatar for more than a month "will quickly lead to a deficit,— Bloomberg reporter Stephen Stapzhinsky writes in X.

The European Union plans to completely stop the import of Russian gas in 2027 and the first bans will take effect in a month and a half. Brussels is counting on an increase in LNG supplies, but the Iranian crisis turns the situation upside down. Especially considering the fact that the European economy was not satisfied with the price of gas even before the Iranian crisis, as it exceeded the pre-crisis twice. Now the difference is almost 4 times.

As EADaily reported, the Gulf countries are reducing oil production and the market has begun to believe that the Iranian crisis is not for a week. World oil prices jumped for the first time since the summer of 2022 to almost $ 120 per barrel. Although then they dropped sharply to $ 107, as the Big Seven plans to open strategic reserves and send hundreds of millions of barrels to the market. A window of opportunity has opened for Russian oil exports. Russia will be able to improve oil and gas revenues, experts believe. The only question is how long the high prices will last.