European gas prices surge on supply worries
The European gas market is experiencing a noticeable increase in prices due to the deteriorating geopolitical situation in the Middle East. The nearest Dutch gas contract for delivery rose by about 3% to reach €61.7 per megawatt/hour, approaching its highest levels since March. This rise comes amid escalating tensions following Houthi attacks on commercial ships and a maritime blockade imposed on Saudi Arabia. At the same time, European gas inventories have shrunk by a much smaller margin than the seasonal average, and electricity demand has increased during the heatwave, complicating the European Central Bank's task ahead of its upcoming meeting to contain rising inflation.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)