Commodities
European Gas Prices Rise Amid Strait of Hormuz Concerns
The European natural gas market has seen prices rise by 4% in Amsterdam trading on Thursday. The Dutch Title Transfer Facility hub, which serves as the benchmark for Europe's gas market, saw its front-month contract increase to €74 ($84.30) per megawatt-hour.
This comes amid concerns over liquefied natural gas (LNG) supplies through the Strait of Hormuz. Despite a price correction in recent days, uncertainty around LNG volumes has supported quotations.
Fitch Ratings raised its assumptions for gas prices at the TTF hub due to the conflict with Iran. Before the conflict, about 20% of global LNG supplies passed through the Strait of Hormuz.