The market for natural gas - detailed explanation for each question

1. The following graph shows the daily price (in EUR/MWh) of natural gas on the EU market in the year to 13 January 2023. Draw three simple demand and supply diagrams and use them to explain how shifts in demand, supply or both could have caused the price spikes in March and August of 2022. What world events do you think could have driven these shifts?

Natural Gas EU Dutch TTF (EUR/MWh) 66.81 +1.46 (+2.24%) 350 300 250 200 150 100 66.809 Mar May Jul Sep Nov 2023