European Wholesale Gas Prices Reach 10-Week High Above €32 per MWh
Wholesale gas prices in Europe have surged to a 10-week high, surpassing €32 per megawatt-hour, fueled by rising demand expectations and geopolitical tensions in Iran. The TTF trading hub's next month's gas futures contract rose nearly 5% to about €31.7 per MWh, with ongoing protests in Iran raising concerns over potential LNG supply disruptions. Additionally, forecasts indicate a drop in temperatures in Northwestern Europe, likely increasing heating demand.
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Wholesale gas prices in Europe rose to a 10-week high above €32 per megawatt-hour, driven by expectations of higher demand and geopolitical tensions related to Iran. The next month's gas futures contract at the TTF trading hub saw an almost 5% increase, nearing €31.7 per MWh.
Prices exceeded €32 in the morning, the highest since November 4 of the previous year. Protests in Iran against the theocratic regime, ongoing for over two weeks, have reportedly resulted in hundreds of casualties and increased the risk of LNG supply disruptions. Temperatures in Northwestern Europe are expected to remain at current levels until the weekend, then decline, which may further increase heating demand.
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