European gas prices hit multi-month highs

European natural gas prices have risen to their highest levels in several months, amid ongoing geopolitical concerns and tensions in the Arabian Gulf affecting energy markets. The Dutch gas futures price reached approximately €57.50 per megawatt-hour, while the British gas contract climbed to its highest level since March, driven by fears of a naval blockade threatening Gulf supplies and rising costs for international shipping insurance. Goldman Sachs predicts that gas prices could reach €60 in the third quarter, with the potential to climb even higher if Gulf supply disruptions persist into 2027. Such disruptions could lead to European gas inventories hitting their lowest levels in 14 years, with expectations that prices may rise above €100 if the situation deteriorates further.

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