EU Gas Prices Surge Amid Storage Deficits and ECB Warnings

European and British wholesale natural gas prices have resumed their upward march after a brief pause in the previous session, driven by winter storage deficits and warnings from European Central Bank policymakers.

The benchmark price gained 2.7% to trade around 82.00 euros per megawatt-hour (MWh), while its British equivalent climbed 2.5% to reach 203.00 pence per therm.

The renewed momentum across European natural gas curves underscores compounding physical supply anxieties as the injection season nears its conclusion, with underground storage caverns currently sitting at roughly 68% of capacity, a 16 percentage point trail behind the five-year seasonal average.