Forex
Europe's Gas Prices Soar to 3.5-Year High Amid Low Storage Capacity
Europe's gas prices have reached a three-and-a-half-year high as storage facilities remain at only 65.44% capacity, according to data from Gas Infrastructure Europe.
The main drivers behind this surge are disruptions in LNG supplies from Qatar and the repercussions of the conflict involving Iran.
The price increase is also being fueled by higher demand for gas-fired power plants during periods of low wind and solar output.
As a result, high prices, low inventory levels, and additional demand from the power sector are converging ahead of the heating season, putting pressure on energy costs and inflation.