Gas prices in the UK experienced a sharp spike yesterday, reaching more than double their typical seasonal value.
European gas prices have witnessed a significant leap of nearly 40% in response to fears of a possible shortage in LNG supply from Australia.
On the European benchmark, known as the Title Transfer Facility, prices surged to over €43 (£37) per megawatt hour, marking a substantial increase from the previous day’s value of almost €30 (£25.9).
This surge is the most substantial since mid-June, experts have noted.
Traders and analysts are closely monitoring the situation as workers at crucial LNG plants in Australia consider taking strike action.