European Gas Prices surge due to Middle East Tensions and Attacks to Cargos in Suez Canal

European Gas Prices surge due to Middle East Tensions and Attacks to Cargos in Suez Canal

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Natural gas prices in Western Europe rose more than 8% on Wednesday, according to data from the London Intercontinental Exchange (ICE).

The cost of gas futures for July delivery at the Title Transfer Facility (TTF) hub in the Netherlands saw an increase by 8.4% to $429.8 per thousand cubic meters, or €37.055 per megawatt-hour in household terms.

The surge has occurred amid rising tensions in the Middle East, a crucial energy supplier and an essential oil shipping passageway. In particular, the escalating conflict between Israel and Gaza that could spread to the whole region.

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Meanwhile, the latest airstrikes carried out by US forces on Kataib Hezbollah militants in Iraq, along with renewed assaults by Houthi militants on shipping routes in the Red Sea, have exacerbated concerns about the stability of the entire region.

Vessels traveling to the Mediterranean via the Suez Canal deliver cargo through the Red Sea to Europe. Some cargos shipping liquefied natural gas have recently begun changing routes for longer voyages to bypass the region, Bloomberg ship tracking data shows.

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Over the past two years, the Suez Canal has become the main shipping artery for transporting LNG that European countries have used to replace Russian pipeline gas. This year, the importance of the route has increased due to the workload of the Panama Canal, as vessels shipping cargo to Southeast Asian countries are now often forced to go through the Suez.

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Despite significant concerns over geopolitics, gas prices in Europe have recently remained in a relatively narrow range. They are set to lose over 50% for the year thanks to high fuel inventories and muted demand, which inspires optimism during the heating season.

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originally published by Russia Today

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US LNG Cargoes to Asia Embark on Longer Routes to Avoid Red Sea

Liquefied natural gas cargoes recently loaded from the US and bound for Asia are changing course for longer voyages lasting more than a month as they avoid the Red Sea, according to ship-tracking data on Bloomberg.

The diversions highlight a shift in global trade flows after Houthi attacks in the crucial waterway forced hundreds of ships to take safer but longer routes, delaying cargoes. LNG is key for the biggest buyers in northeast Asia, particularly in the winter demand season. The US is the top shipper of the fuel.

Extract by Bloomberg

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