Natural gas prices in March futures contracts in Europe started the first trading day of the week with a 14% increase, with the escalation in tension between Russia and Ukraine.
The price of March futures contracts traded at TTF, the Netherlands-based virtual natural gas trading point, closed last week at around €77 per megawatt-hour (MWh) and increased on Monday by 14% to €88 per MWh.
The price of natural gas contracts for March delivery traded at €83 at 10.37 am local time on Monday.
This price rate marks a substantial increase from this time last year when prices of natural gas contracts in Europe were in the region of €18.
EU countries currently import 90% of their natural gas needs, with Russia supplying the majority.
Natural gas prices in Europe are rising with the threat of supply disruptions due to rising tensions on the Russia-Ukraine border.
Jake Sullivan, the national security adviser to US President Joe Biden, said Sunday the US administration believes Ukraine could be invaded by Russia "any moment", increasing anxiety in global energy markets.
€1 equals 15.36 Turkish Liras