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European Gas Prices Soar on Strait of Hormuz Disruptions

Guavy AI Editorial Team
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Natural Gas
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European natural gas prices rose sharply on Wednesday due to concerns over prolonged disruptions to liquefied natural gas (LNG) supplies through the Strait of Hormuz.

The benchmark front-month Dutch TTF gas contract was trading 2.3% higher at €73.88 per megawatt-hour, after settling at €72.22 on Tuesday.

Gas prices had already climbed above €69 on Monday, reaching their highest level since January 2023.

LNG flows through the Strait of Hormuz were nearing a standstill, tightening supplies and prompting European buyers to compete more aggressively for alternative cargoes ahead of the winter heating season.

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