European gas prices rise for fourth week

European natural gas prices are heading towards a fourth consecutive week of increases, influenced by intensifying military clashes in the Middle East and the halt of gas exports through vital straits, particularly Qatar via the Strait of Hormuz. This rise comes alongside a decline in European gas storage levels to their lowest seasonal point, with the filling rate at 66%, and as low as 54% in Germany, adding pressure to secure winter supplies. Gas flows from the Gulf remain limited, boosting competition between European and Asian markets for liquefied natural gas shipments, with concerns that ongoing unrest will continue to impact supplies until the end of the year.

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