Uncertainty associated with the conflict in the Middle East is driving up gas prices. Next punch for users
The conflict in Israel has led to an increase Gas price in EuropeWhich brings the energy issue back to the center of political attention. Recently, the Israeli authorities decided to prevent the extraction of natural gas from… Tamar fieldOff the coast of Gaza. However, the move reverberated as far as Amsterdam with an immediate increase in methane prices. Another rise in prices occurred due to doubts Sabotage of a gas pipeline Which connects Finland and Estonia. In other words, the potential repercussions of the conflict in the Middle East on the European economy are likely to have impacts Even on bills Here in Italy.
Effects of conflict
Italy faces complex issues Geopolitical balances Regarding methane stocks currently, Algeria represents the main supplier of natural gas to the country, but it has shown strength Support Hamas After the attack on Israel. Despite efforts to free ourselves from Russia in Italian energy supplies, following the war in Ukraine, the latter remains An indispensable partner; Much less important than they used to be, but they cannot be completely replaced. In addition to this, the issue of Azerbaijan, which contributes to storing Italian natural gas via… Pipeline faucet But, more recently, it has invaded disputed territory Nagorno-Karabash. Although the International Monetary Fund believes that it is still too early to assess the effects of the Israeli-Palestinian crisis on the global economy, investors have already begun to smell the scent of this crisis. Uncertainty is in the airWhich unfortunately leads to higher wholesale prices. It is no coincidence that gold prices, the safe haven par excellence, have begun to rise again.
The price of gas in Italy is rising rapidly, as shown by the EGI (Italian gas index) which reached October 10 €41.06 per MWhCompared to 33.29 euros per megawatt hour the previous day. This was stated in a note issued by GME, the energy markets manager. The IGI index, which is calculated daily, provides a tool for interpreting and evaluating the dynamics of gas markets in Italy and is used as a transparent reference by operators to provide… Supply contracts.
The sabotage hypothesis
Last October 8, Finland and Estonia faced A Unusual low blood pressure In the underwater pipeline, the Balticconnector that connects them, caused a leak. This resulted in gas flow being interrupted and the subsequent repair work that would result It takes several months. An investigation is currently underway to determine the cause of the leak, according to sources Bloombergverb is not excluded Intentional destruction. There are no final conclusions at this time and more details about the investigation are expected soon. But that was enough The specter of the sabotage hypothesis To raise gas prices in Europe, that is increased by 11% At more than 49 euros per megawatt hour. Already on Monday, October 9, natural gas futures in Europe hit a level 7% increaseExceeding 40 euros per megawatt hour, it was preceded by another 5.6% increase on Friday, due to growing concerns about supply.
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