Natural gas prices hit fresh record peaks

European and UK gas prices rocketed Tuesday to all-time highs on strong winter demand and simmering geopolitical tensions between key supplier Russia and consumer nations.

Europe’s reference Dutch TTF gas price jumped nearly 20 per cent from Monday to hit 175.00 euros per megawatt hour in early afternoon trading.

Meanwhile, UK prices leapt to 435 pence per therm.

Both markets beat previous records from October, also struck on demand worries for the northern hemisphere winter months. They are currently about eight times greater than at the start of 2021.

– AFP