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Global gas prices rise faster than oil
The article discusses the impact of the Iranian conflict and the closing of the Strait of Hormuz on energy markets. Global gas prices remain high despite the availability of additional supplies from alternative sources such as America, Canada, and West Africa. This is due to the urgent need to secure supplies to build winter reserves, amid Europe's declining storage levels and previously tight markets. Meanwhile, oil prices are still near pre-war levels, with some variation in increases. Data shows that Brent crude is trading below $90 per barrel, and the European TTF at 55 euros per megawatt-hour, with expectations of rising gas prices to higher levels due to logistical challenges and physical damage to natural gas shipments.
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