European Gas Prices Hit Three-Week High Amid Geopolitical Tensions

European gas prices have reached their highest level in three weeks, hitting 62.14 euros/MWh on August 17. This comes as low storage levels and geopolitical developments continue to impact the market.

The European gas stocks are filled to about 61%, below the seasonal average of around 78%. The pace of replenishing reserves is crucial for preparing for the cold season.

Increased deliveries of liquefied natural gas (LNG) to Northwestern Europe have recently risen by approximately 32% above the average of the last 30 days. However, this rise in LNG imports does not eliminate market pressures.