European gas prices surge above $500 after drone attacks on LNG facilities in Qatar – UPDATED

Exchange gas prices in Europe surged sharply during daytime trading, rising by 32%, according to market data.

Report informs that prices climbed above $515 per 1,000 cubic meters after QatarEnergy announced it had halted production following a drone attack on Qatar"s largest LNG complex.

April futures - the nearest contracts - on the Title Transfer Facility (TTF) index, Europe"s largest gas hub located in the Netherlands, opened at $464.7, up 19.1%. They later rose to $515.2, marking a 32.1% increase.

The price movements are calculated from the previous trading day"s settlement price of $390.1 per 1,000 cubic meters.

12:24

European gas prices jumped 20% at the opening of exchange trading on Monday amid the joint US-Israeli military operation against Iran, Report informs referring to the London ICE exchange.

The price of April futures on the TTF hub in the Netherlands rose to around $470 per 1,000 cubic meters.

Gas prices in Europe are at their highest since late January.