European Gas Prices Stay Above €60 Amid Ongoing Middle East Risks

European natural gas prices remained steady above €60 per megawatt-hour (MWh) on Thursday, buoyed by ongoing Middle East geopolitical risks and concerns over liquefied natural gas (LNG) supplies.

The benchmark August contract at the Dutch Title Transfer Facility (TTF), Europe's most liquid virtual natural gas trading hub, traded at €60.42 per MWh at 11.10 a.m. local time (0810 GMT), up 0.11% from Wednesday’s close of €60.35 per MWh.

The Middle East geopolitical risks have not been fully eliminated despite the first LNG tanker from Qatar resuming its export route after nearly three weeks, signaling some normalization.

Additionally, slower-than-expected refilling of Europe's natural gas storage facilities ahead of winter has also contributed to higher prices, with current storage levels at around 56% full.