Commodities
Europe's Gas Prices Near Multi-Year Highs Amid US-Iran Conflict
European natural gas prices have remained near their highest level since January 2023, hovering around €65 per MWh. The current stalemate in the US-Iran conflict is causing concern among traders about Europe's readiness for the upcoming winter.
The maritime blockade has stranded Qatari LNG cargoes, forcing European utilities to compete intensely with Asian buyers for available supplies. This has led to a heatwave-driven surge in demand for cooling, limiting gas injections into storage.
Europe's storage levels are at 62%, the lowest seasonal level since records began in 2009. Despite this, the European Commission has stated that gas supplies in the bloc are not immediately at risk.