A rise in natural gas prices appears inevitable as a result of the sharp increase in oil prices prompted by a drastic cutback in oil production decided on by the eight-member OPEC+ group.

Dutch TTF gas futures rose by as much as 30 percent over the past ten days before easing.

TTF gas futures for May are priced at 45 euros per MWh, but rise for ensuing months. July futures are currently at 46.3 euros per MWh, August futures are at 47.1 euros per MWh, September futures are at 48.6 euros per MWh, October futures are at 52 euros per MWh and November futures are at 57.9 euros per MWh.

In comments to energypress, local energy company officials shared concerns of a new round of gas price increases, noting conditions are currently fluid but will clear up over the next few weeks.

The impact of the rise in oil prices is already being felt at retail level in the US, while Europe is also bracing for an ascent as the price of crude shapes the price of natural gas by a coefficient of at least 50 percent, according to IEA.

If applied to its full extent, as of May 23, the OPEC+ decision to slash oil production could have greater impact on natural gas prices than Russia’s war in Ukraine, leading analysts, including Tom Kloza, global head of energy analysis at OPIS (Oil Price Information Service), have noted.