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European Gas Prices Rise as Mideast Tensions Threaten LNG Supplies
(MENAFN) European natural gas prices climb to their highest level in more than three years on Monday as escalating tensions in the Middle East fuel concerns about possible disruptions to liquefied natural gas supplies from the Persian Gulf.
The benchmark Dutch TTF front-month contract reaches €69.90 per megawatt-hour by late morning, marking a 4.4% increase from Friday’s closing price of €66.97.
Concerns over Europe’s gas inventories are adding to the upward pressure. Gas storage facilities across the European Union are around 64.7% full, leaving reserves below typical levels for this point in the year and increasing pressure to replenish supplies before the winter heating season.
Forecasts for milder temperatures in early September could limit gas demand in the short term. However, relatively low storage levels combined with uncertainty surrounding LNG shipments from the Gulf continue to support higher prices.
Growing geopolitical risks are also contributing to market concerns. The latest developments follow overnight US military strikes on two targets on Larak Island, while Iranian media report missile launches toward regional targets after the attacks.
The combination of supply uncertainty, limited inventories and heightened tensions is increasing market sensitivity as Europe prepares for the colder months.
The benchmark Dutch TTF front-month contract reaches €69.90 per megawatt-hour by late morning, marking a 4.4% increase from Friday’s closing price of €66.97.
Concerns over Europe’s gas inventories are adding to the upward pressure. Gas storage facilities across the European Union are around 64.7% full, leaving reserves below typical levels for this point in the year and increasing pressure to replenish supplies before the winter heating season.
Forecasts for milder temperatures in early September could limit gas demand in the short term. However, relatively low storage levels combined with uncertainty surrounding LNG shipments from the Gulf continue to support higher prices.
Growing geopolitical risks are also contributing to market concerns. The latest developments follow overnight US military strikes on two targets on Larak Island, while Iranian media report missile launches toward regional targets after the attacks.
The combination of supply uncertainty, limited inventories and heightened tensions is increasing market sensitivity as Europe prepares for the colder months.
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