European natural gas prices rose 3.3 percent to exceed 97 euros ($108.8) per megawatt-hour for the first time since 2022 as the conflict in the Middle East continues to threaten supplies.
The intensification of conflict in the Middle East has sharply increased concerns about winter energy supplies, especially as liquefied natural gas (LNG) flows from the Persian Gulf, which previously accounted for nearly a fifth of global supply, remain down roughly 80 percent year-on-year.
European gas futures were trading at 97,15 euros per megawatt-hour as of 0820 GMT, up 3,3 percent from Friday’s close and reaching their highest level since December 2022.
Adding to the market’s vulnerability, Gas Infrastructure Europe (GIE) reported that EU gas storage facilities are only at 74.6 percent of capacity, well below historical seasonal averages.