European natural gas (LNG) prices have surpassed 80 euros per megawatt-hour (MWh), equivalent to approximately 124,000 won.

This marks the first time European LNG prices have exceeded 80 euros per MWh since January 2023, during the early stages of the war in Ukraine.

On the 9th local time, Dutch TTF futures rose up to 80.99 euros during trading, marking a surge of up to 6.8% from the previous session, before slightly narrowing gains to around 79.32 euros by approximately 4:43 PM.

While this remains below the peak seen during the European energy crisis at the beginning of the Ukraine war, it is more than double the level recorded just before the outbreak of the war involving Iran.

Benchmark British gas prices also climbed to 2 pounds per therm (approximately 29 kWh), reaching their highest level since December 2022, before retreating slightly.

The upward pressure is attributed to disruptions in Qatari gas shipments following the escalation of the Middle East conflict, alongside drone attacks targeting the Yamal region, a hub for Russia's gas industry.

Although Russian gas supplies to Europe have plummeted since the war in Ukraine, Yamal liquefied natural gas (LNG) still accounts for 5 percent of Europe's demand.

(Photo: Getty Images)