Europe gas prices hit three-year high
Natural gas prices in Europe have risen to their highest level since January 2023, marking the fourth consecutive session of gains due to escalating tensions in the Middle East and fears of supply disruptions. Demand is increasing ahead of winter, while stored inventories have fallen to approximately 67% of five-year average levels, which stand at 84%. Additionally, futures contracts for gas have risen by about 8% since the end of last week, amidst oil prices climbing above $100 per barrel. This situation heightens concerns over a potential gas shortage in Europe, which is competing with Asia and others for shipments, amid the ongoing need to build up inventories despite their decline and the weak median treasury performance.
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