European natural gas prices have increased for the fourth consecutive day due to growing concerns over worldwide energy supplies.
The key European contract experienced its largest intraday rise since January 3, surging by up to 7.7%.
This rally marks the longest upward streak since late January, countering a drop of as much as 30% since the beginning of the year.
Disruptions at global gas liquefaction plants, ranging from Malaysia to the United States, are causing unease in the market.
Additionally, forecasts predict colder-than-usual weather in parts of northern Europe next week, followed by a rise in temperatures.
Dutch front-month futures, the benchmark for European gas, recently saw a 5.1% increase, exceeding €28 per megawatt-hour. The corresponding UK contract rose by 5.3%, surpassing 71p per therm.
Oil prices increase in response to expanding factory production in China.
Oil prices have reached a new peak, the highest in four months, driven by positive developments in China’s industrial sector.
The international benchmark, Brent crude, increased by 0.6% to nearly $86 per barrel, building on a 4% increase from the previous week. Similarly, West Texas Intermediate (WTI) saw a rise of 0.8%, approaching $82.
This surge is linked to China’s factory output and investment, which exceeded expectations at the beginning of the year, with refining reaching record levels.
In other news, Russian oil refineries experienced drone attacks over the weekend, coinciding with Vladimir Putin’s decisive win in a presidential election. Defence Secretary Grant Shapps has openly accused Putin of rigging the election.
