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European Gas Prices Hit Three-Year High Amid Winter Stockpiling Fears

Guavy AI Editorial Team
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Natural Gas
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Natural gas prices in Europe have hit a three-year high due to traders rushing to fill fuel storage facilities before the winter season.

The benchmark gas futures rose by 3.4% on September 8, reaching their highest level since January 2023, according to Bloomberg.

Traders are uncertain about an agreement between Iran and Oman regarding shipping through the Strait of Hormuz, as well as potential attacks on Iranian tankers over the weekend.

The European gas storage facilities are currently only 67% full, compared to a seasonal norm of 83%, which is a major concern for the upcoming heating season.

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