Gas futures prices experienced another short circuit and jumped up to 10% due to possible sabotage of a gas pipeline connecting Finland to Estonia and escalating tensions in the Gaza Strip. Let us recall that Israel announced the suspension of work at a large field operated by Chevron, which could limit supplies to the eastern Mediterranean region.

Thus, the value of European gas futures contracts (Dutch TTF) for delivery in November, the benchmark for the Old Continent, rose by more than 10%, to more than 48 euros per megawatt, suggesting an increase almost 30% since last Friday’s close.

The rise in gas futures prices came after Finnish authorities expressed suspicions that a discovered gas leak in a gas pipeline connecting to Estonia may not have been the result of an accident, and had already contacted other European partners. and also with NATOto increase the possible scale of what currently appears to be sabotage.

On Sunday, operating companies warned of an unexpected drop in pressure in this undersea Balticconnector pipeline, leading to an investigation to determine the cause and find out whether it could have been due to some deliberate action, as was the case on its day: sabotage on Nord Stream gas pipeline.

Israel Earrings

It should be remembered that the closure of the plant in Israel is important for European Union since he reached an agreement with Israel and Egypt on get gas in Russia’s attempt to achieve energy independence.

In particular, the pact concerned the supply of gas to Egypt so that it would leave the coast of the African country in LNG tankers. On the other hand, the expert emphasizes, the agreement also included gas production projects near the seas of Israel, since it is rich in this raw material.