Gas prices creep upwards as hot weather is set to lift demand

CSO figures show Irish firms spent €16.2bn on energy purchases in the year the Russian-Ukraine war broke out, up a staggering 83% on the previous year

There was now focus on cooling demand in Europe, with some regions seeing hot weather, while heatwaves should also lift demand in Asia and the US, impacting LNG prices.

European wholesale gas prices crept upwards on Tuesday morning as warmer weather is set to lift power demand for cooling and competition increases for liquefied natural gas (LNG) supplies.

The benchmark front-month contract for European gas was up by €0.33 at €34.63 per megawatt hour (MWh).