European Gas Prices Rise Above €32/MWh Amid Geopolitical Tensions
Wholesale gas prices in Europe surged to a ten-week high above €32 per MWh, influenced by rising demand expectations and geopolitical tensions surrounding Iran. The key futures contract at the Title Transfer Facility in the Netherlands increased nearly five percent, while concerns over supply disruptions due to protests in Iran further compounded the situation. With temperatures in Northwestern Europe expected to drop, heating demand may rise, although EU gas storage remains relatively healthy at nearly 54% full.
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Wholesale gas prices in Europe reached a ten-week high above €32 per MWh, driven by expectations of increased demand and geopolitical tensions related to Iran. The key futures contract for next month delivery at the Title Transfer Facility in the Netherlands rose nearly five percent, nearing €31.70 per MWh.
Protests in Iran have increased supply disruption risks for liquefied natural gas (LNG). Temperatures in Northwestern Europe are expected to remain steady and then decrease, potentially raising heating demand. EU gas storage was reported at nearly 54% full, while the Czech Republic's storage was over 61%.
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