Natural gas price spikes 25% on soaring demand

European and UK gas prices surged on Wednesday by more than 25 percent, energised by soaring demand before the northern hemisphere winter.

Europe’s reference Dutch TTF gas price jumped to 145.19 euros per megawatt hour and UK prices soared to 347.27 pence per therm.

The two markets had already rocketed in earlier deals to record peaks at 162.12 euros and 407.82 pence, respectively.

“It’s panic and fear with winter just around the corner,” Commerzbank analyst Carsten Fritsch told AFP.