AMSTERDAM, Jan 16 (Bernama-dpa) -- Natural gas prices continue to rise amid unusually cold weather in parts of Europe, reaching their highest level in nearly six months, reported German Press Agency (dpa).
Over the course of the trading week, the price of natural gas rose by about 20 per cent.
On the Amsterdam exchange, the benchmark TTF futures contract for European natural gas delivery in one month was trading at €34.30 (US$39.80) per megawatt hour on Friday morning, its highest level since August.
The price jump is the sharpest increase since October 2023.
European gas reserves are currently at 52 per cent, well below the seasonal average of 67 per cent.
The icy temperatures expected at the end of the month may lead to a further withdrawals of gas from storage sites.
The tense situation in Iran, which is an important gas supplier for Turkey, has also had an impact on prices.
Recent threats by the United States (US) government against countries that do business with Iran have increased supply concerns.
The US has threatened new punitive tariffs of 25 per cent for Iran's trading partners.
The market is also factoring in stronger demand in China, the world's largest buyer of liquefied natural gas.
--BERNAMA-dpa
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