European Gas Prices Rebound Above €77/MWh Amid Winter Supply Worries

European gas prices rebounded on Friday, rising above €77 per megawatt-hour after three consecutive sessions of declines. The market's focus remained on low reserves and disruptions to liquefied natural gas shipments.

The region heads into winter with weak storage levels due to the US-Iran war reducing LNG supplies from the Persian Gulf and record summer heatwaves hindering attempts to rebuild inventories.

Underground storage facilities were only about 68% full, well below seasonal norms and the European Union's target of 80% capacity by December.