Supply concerns lead Europe’s gas to a record surge

Natural gas contracts have hit new highs in Europe on Tuesday, as soaring prices continue to put pressure on the continent’s energy sector ahead of winter months.

November delivery contracts at the Dutch TTF hub, a European benchmark for natural gas, were trading at around 118 Euros per megawatt hour just after midday in London.

The front month contract was up by about 19% during the day, setting a new record high, and has risen by almost 400% since the beginning of the current year.

In the U.K., once particularly hit hard by the surging cost of wholesale natural gas, prices for November delivery have jumped by 14% to £2.79 per therm on Tuesday. Meanwhile, British wholesale gas for immediate delivery rose by 23% to £2.50 per therm.