Middle East Tensions Fuel Global Natural Gas Price Surge
Global natural gas prices continued their upward trend on Monday as tensions in the Middle East showed no signs of easing. The price of liquefied natural gas (LNG) futures contracts remained above $21, while the European benchmark TTF and JKM indices also held firm.
The Norway outage added to European supply pressure, with concerns about potential disruptions to natural gas exports from the region.
The ceasefire in the Middle East had been seen as a possible catalyst for lower energy prices, but hopes of a US-Iran peace deal have faded, contributing to the price increases. The Norwegian outage has added to the upward momentum, making it difficult for prices to fall.