European natural gas prices rose for the fourth day in a row, while European natural gas futures prices rose by 7.7%; Which means it rose to its highest level since January 3, 2024.

While natural gas prices and futures contracts recorded a decline at the beginning of 2024 by 30%, they have recently increased amid a number of global events affecting gas prices.

Among these global events is the interruption of natural gas supplies supplied to the American Freeport station in Texas. Which means an interruption in its supply of liquefied natural gas exported to the world, provided that this interruption continues until April 2024 due to work on developing and maintaining the station.

Sloth Hansen, head of commodity strategy at Saxo Bank, believes that global gas prices may also be affected by oil contract prices, which have also witnessed an increase as a result of the Ukrainian attack on Russian refineries in the recent period, in addition to the rise in carbon prices by 5%, which is unacceptable. It leaves room for merchants to replace natural gas with any other cheaper alternative.

Europe will witness a drop in temperatures next week at the end of the winter season this year. Which means a greater rise in natural gas prices.