European Gas Prices Surge Amid Supply Security Worries

European natural gas prices made a sharp recovery on Friday, reversing earlier losses to trade around 3% higher at approximately €75.80 per megawatt-hour.

The price increase was driven by renewed concerns over supply security, prompting traders to increase positions ahead of the weekend.

The market's attention remained focused on potential disruptions to energy shipments through the Strait of Hormuz and uncertainty over deliveries from Qatar.

QatarEnergy's extended force majeure on certain European LNG supplies, covering shipments into late in the fourth quarter, added to concerns about the availability of imported gas.