Natural gas trading on the TTF - the Netherlands-based virtual natural gas trading point, saw a 25.9% increase to €153.2 per megawatt-hours at 0930 GMT on Wednesday as Russian attacks on Ukraine intensified.
Natural gas prices for April futures contracts on the TTF opened at €129 per megawatt-hours, posting a 9.5% rise compared to the previous trading session.
Natural gas prices hit as high as €193.9 for a 59.4% rise compared to the previous trading session, as fears of supply disruptions increased amid ongoing Russian attacks on Ukraine.
Prices are rising on concerns that the Russia-Ukraine War will cut gas supplies. Expectations that natural gas infrastructure will be damaged with the possibility of interrupting gas flow from Russia's bombing and missile attacks against Ukraine are propping up prices. If the war continues, the likelihood of sanctions being imposed on oil and natural gas suppliers is rising, pushing prices higher.
In response to Russia's actions, ExxonMobil, bp, Shell and Equinor announced their exit plans from joint ventures and projects in Russia and TotalEnergies also agreed to no longer invest in new projects in the country.
Announcements of the impasse in the Nord Stream 2 project, which planned to transport Russian gas to Europe, fueled worries over gas supply shortages.
Last week, Germany stopped the licensing process for the project and the US announced its decision to sanction the Nord Stream 2 company. On March 1, news reports surfaced claiming the Nord Stream 2 company had allegedly laid off all of its employees.
€1 equals 15.60 Turkish liras at 0945 GMT on Wednesday.
By Zeynep Beyza Kilic