European gas prices rise 55% in July
Natural gas prices in Europe rose by 55% during July 2026, reaching an average of $637 per thousand cubic meters. Futures contracts at the end of the month climbed to around $709, a 39% increase compared to June. This surge comes amid challenges in replenishing storage facilities before winter, with estimates indicating that storage levels may only reach 70-75% of the targeted 90%. Additionally, heatwaves in June and July contributed to increased demand for electricity, which in turn raised both gas consumption and prices, amid ongoing pressures on global supply.
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