Eco
European natural gas prices saw a significant surge on Monday, driven by the ongoing closure of the Strait of Hormuz disrupting supply chains. This comes as European nations actively work to boost their gas reserves in anticipation of the upcoming winter. Data from the Dutch TTF index, Europe's primary gas price benchmark, showed September delivery contracts rising by 8.617% to 60.33 euros ($69.66) per megawatt-hour. October contracts also climbed 8.534% to 60.45 euros per megawatt-hour, with November contracts increasing by about 8.45% to 60.1 euros per megawatt-hour. Gas companies in Europe typically use "gigawatt-hour" (GWh) and "terawatt-hour" (TWh) for pricing. One GWh is equivalent to roughly 3.2 million cubic feet of gas, while one TWh represents about 3.2 billion cubic feet.
