Gas prices in Europe have gone up: what does the war in Ukraine have to do with it?

In 2024, there were 15 attacks by Ukrainian UAVs on 13 oil refineries located in nine regions of Russia.

Gas prices in Europe have risen after falling by 30% / photo ua.depositphotos.com

Natural gas prices in Europe have been rising for the fourth day in a row, which is due both to restrictions on supplies from the LNG plant in the American Freeport and to Ukrainian UAV strikes on Russian territory. Such conclusions are drawn by Bloomberg.

Futures prices jumped 7.7% on Monday, their biggest intraday jump since January 3. Prices have risen after falling 30% since the start of the year as traders begin to focus early on factors that will affect gas storage replenishment ahead of next winter.

“The freeport and Ukrainian attacks on Russian energy infrastructure are likely the main driving forces,” Ole Slot Hansen, head of commodity strategy at Saxo Bank A/S, confirms Bloomberg’s findings.

Ukraine attacks Russian infrastructure – top news

According to The Insider, this year Ukraine carried out 15 UAV attacks on 13 oil refineries in 9 regions of Russia. The attacked plants have a total installed capacity of 178 million tons per year, but only eight refineries, whose total installed capacity is 83 million tons per year, were significantly damaged.

According to the head of the Center for Military Legal Studies, Alexander Musienko, the destruction of Russian oil refineries could damage both Moscow’s military capabilities and its civilian sector. At the same time, the fuel situation in Russia may become critical.

Let us recall that previously reported that the SBU was behind the attacks on Russian oil refineries.

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