Monday, December 11, 2023

Gas prices rose more than 10% after possible sabotage of a gas pipeline

The natural gas futures pricethere is a reaction with an increase of more than 10% after a a leak was detected in the gas supply pipeline connecting Finland to Estoniaas well as the situation in Israel, following the disruption of operations in an important field operated by Chevron, which could limit supplies in the eastern Mediterranean region.

In this way, the cost of European gas futures contracts (Dutch TTF) for delivery in November increased by more than 10%, to more than 48 euros per megawattwhich means an increase of almost 30% since last Friday’s close.

This rebound comes after Finnish authorities expressed suspicions that a supply leak found in a gas pipeline connecting Estonia may not be due to an accident and have contacted other partners of the Europe, as well as NATO, to increase the possible range of what. can be seen at the moment a sabotage.

On Sunday, the operating companies warned of an unexpected drop in pressure in this underwater line, the Baltic connector. sabotaging the Nord Stream gas pipelineswhich supplies Russian gas to Europe, especially Germany.

The Finnish Prime Minister Petteri Orpo, acknowledged to the media that the leak, which was detected in the Finnish economic zone, could not be due to a circumstance obtained from the normal use of the gas pipeline. Likewise, it warns of a possible failure of a data cable, in this case in the area controlled by Estonia, according to the YLE channel.

The President of Finland, Saul Niinistödeclared in a statement that the two incidents were probably due to some kind of external activity and, within the constant contact that began with other partners, he already spoke this Tuesday with the Secretary General of NATO, Jens Stoltenberg.

The Atlantic Alliance offers to help with the investigations, as confirmed by Stoltenberg in a message published on his social network account.

World Nation News Desk
World Nation News Desk
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