European gas tops €70/MWh as LNG supply risks intensify
🔥 European TTF gas prices rose around 5% on August 31, moving above €70/MWh and reaching their highest level since early 2023 as markets continued to reprice geopolitical risks around the Strait of Hormuz.
🚢 Fresh U.S.–Iran tensions increased concerns over prolonged disruption, while Qatari LNG remains under force majeure. The latest move mainly reflects a higher risk premium rather than a completely new supply loss during the day.
🏭 EU gas storage is currently around 64.7%, below typical levels for this time of year. This leaves Europe more exposed to LNG disruptions and increases competition with Asia for spot cargoes ahead of winter.
📈 €70/MWh remains far below the extremes seen during the 2022 crisis, but the current supply backdrop is less comfortable. If Gulf LNG flows recover only gradually, pressure on European gas prices and energy inflation could remain elevated.
#NaturalGas $NATGAS
🔥 European TTF gas prices rose around 5% on August 31, moving above €70/MWh and reaching their highest level since early 2023 as markets continued to reprice geopolitical risks around the Strait of Hormuz.
🚢 Fresh U.S.–Iran tensions increased concerns over prolonged disruption, while Qatari LNG remains under force majeure. The latest move mainly reflects a higher risk premium rather than a completely new supply loss during the day.
🏭 EU gas storage is currently around 64.7%, below typical levels for this time of year. This leaves Europe more exposed to LNG disruptions and increases competition with Asia for spot cargoes ahead of winter.
📈 €70/MWh remains far below the extremes seen during the 2022 crisis, but the current supply backdrop is less comfortable. If Gulf LNG flows recover only gradually, pressure on European gas prices and energy inflation could remain elevated.
#NaturalGas $NATGAS
