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Hebei Ladery Import & Export Co., Ltd. [Hebei,China] Business Type:Manufacturer , Trade Company Main Markets: Africa , Asia , Caribbean , East Europe , Europe , Middle East , North Europe , Oceania , Other Markets , West Europe , Worldwide Exporter:61% - 70% Certs:ISO9001, CE

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Gas prices soar in Europe as key fields shut down

2023-11-03

According to Reuters, local time on October 9, the Palestinian-Israeli conflict led to another rise in important energy prices, European natural gas futures prices soared, 9 at one point rose 16%. The conflict has brought new uncertainty to global stability already shaken by the escalating crisis in Ukraine, dampened market confidence and hampered global efforts to contain inflation.

As the Israeli-Palestinian conflict escalated, the Israeli government asked Chevron to shut down production at its Tamar offshore gas platform, citing security concerns, which could reduce supplies in the Eastern Mediterranean. Chevron said it was still supplying gas from Leviathan to customers in Israel and the region. "Our first priority is the safety of our employees, the communities in which we operate, the environment and our facilities," the company said in an emailed statement.

On October 9, investors focused on the impact of the Israeli-Palestinian conflict on key Israeli gas fields, and European gas prices jumped on supply concerns. While the European natural gas futures surged, the US NYMEX natural gas futures rose about 1% in the 9th trading session, partly showing the capital market's pricing of this event. During the 2021 conflict, the Tamar platform was also temporarily halted by the Israeli government.

Market agency FXStreet analyst Mehta said the escalating geopolitical situation in the Middle East spooked the market. Investors are seeking safety in traditional safe-haven assets such as gold, the dollar and U.S. Treasurys. According to Bloomberg, the Japanese yen, another safe-haven asset favored by investors, is also strengthening.

In terms of crude oil prices, Reuters analysis, the Middle East is the world's main oil-producing region, and is the location of major international waterways such as the Suez Canal and the Strait of Hormuz, the outside world will pay close attention to the reaction of major oil trading countries and oil producing countries such as Iran and Saudi Arabia to judge whether crude oil prices will continue to rise. Trading in the bond and stock markets in the coming days will also show how markets anticipate the impact of the Israeli-Palestinian conflict.

In addition to the impact on crude prices, the new Israeli-Palestinian conflict has also dealt a blow to global economic confidence. The annual meetings of the International Monetary Fund and World Bank in Morocco this month will focus on assessing the volatile global economy, according to Reuters.

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