The price of gas on the European exchange reached its peak of the past four months on Tuesday, 5 July. This is largely due to concerns about supplies because of the war in Ukraine.
The gas price in the Dutch Title Transfer Facility (TTF) virtual trading point reached approximately 175 EUR/MWh, which is the highest it has been since March.
Compared to Monday, the gas price has increased by about 8%.
Gas prices remain largely influenced by concerns about supplies. Russia has reduced supply of gas using Nord Stream pipeline by approximately 60% over the course of last week.
As previously reported, gas consumption has gone down globally, considering high prices and the drop in supplies of Russian gas to Europe.
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The International Energy Agency has also slashed global gas demand outlook by more than half. IEA estimates that the global gas demand will have increased by a mere 3.4% or 140 billion m3 by 2025 when compared to 2021.