Natural gas prices rose in Europe, especially after Egypt announced a decline in its gas imports to "zero," after Israel announced the suspension of pumping natural gas to both Egypt and Jordan in light of rising tensions in the Gaza Strip.
December futures saw strong highs on Monday, with prices up about 30% from pre-conflict levels that signify a weakening of the European market in the face of geopolitical challenges after the energy crisis we saw last year.
The European market is facing increasing pressure to obtain liquefied natural gas from any available source to ensure its stability, especially after the flow of most Russian pipelines was interrupted by the ongoing war in Ukraine.
