Natural gas prices in Europe and Asia rose close to record levels as the worst energy crisis in decades intensified competition to secure supplies.

Futures contracts for liquefied natural gas in Asia rose by 18% and in Europe by 13 percent to reach their highest levels ever.

Bloomberg noted that prices in Europe increased more than 10 times their average for this time of year, which it estimates will destabilize economies.

Supply disruptions worsened this week, intensifying competition with Asia for reserve shipments of liquefied natural gas as utilities rushed to secure fuel before winter.

Gas shipments from Russia remain restricted, with flows from Norway expected to decline in September due to maintenance. In the United States, the delay of the restart of a major liquefied natural gas plant damaged by an explosion earlier this year will be postponed until November instead of October, with prices there reaching the highest level since 2008.

The European Union has heavily relied on shipments from the United States and Norway to fill the gap left by Russia after Moscow cut flows in response to sanctions imposed over its war in Ukraine. The crisis has also reduced industrial production and increased the risks of recession in the region.