European gas prices hit three-year high

Natural gas prices in Europe continued to climb to their highest levels in approximately three years, approaching the winter season. This increase is driven by ongoing uncertainty regarding energy supplies linked to the Middle East crisis and tensions in the Strait of Hormuz, through which about 20% of global gas shipments pass. Futures contracts for gas rose by as much as 5.2%, while European inventories indicate levels below normal, currently at 67% of capacity compared to a seasonal average of 83%. Europe is also facing additional pressures from maintenance work in Norway and declining flows from Algerian gas, which heightens the need for higher prices to attract shipments and bolster stocks ahead of winter. Moreover, the rise in gas prices has led to higher electricity prices across Europe, especially in Germany, which holds the largest gas reserves. There are concerns that insufficient stockpiles could cause issues during harsh cold waves.

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