European Natural Gas Futures Prices Exceed €85

European natural gas prices continue to rise, with benchmark futures prices surpassing €85 per megawatt hour, up 2.7% from the previous trading day. Traders are assessing the uncertainty surrounding the prospects of the Middle East conflict and the supply-demand balance of gas in the region. Negotiations regarding the Iran war are progressing slowly, and incidents of tanker attacks near the Strait of Hormuz are frequent. Iran's top security officials deny negotiating with the United States, claiming that the U.S. statements about negotiations with Qatar are lies aimed at lowering oil prices. Europe's liquefied natural gas imports are below last year's levels, and winter stocks are continuously declining due to the start of the heating season. This winter, Europe's gas supply balance relies on the restoration of transport through the Strait of Hormuz, particularly supplies from Qatar. The Iran war has led to nearly one-fifth of global liquefied natural gas exports exiting the market, with Europe and Asia competing for limited supplies. Recently, gas prices in both regions have reached their highest levels since 2022, more than three times higher than at the beginning of the year.

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