Europe Gas Hits Three-Year High as Traders Race to Fill Storage
11 Articles
11 Articles
Europe Gas Hits Three-Year High as Traders Race to Fill Storage
European natural gas prices hit a fresh three-year high as traders race to fill fuel storage facilities ahead of winter, while awaiting details of an Iran-Oman deal on shipping through the Strait of Hormuz.
European natural gas prices jumped to a more than three-and-a-half-year high of over 74 euros/MWh on Monday due to escalating US-Iranian tensions.
Europe needs higher gas prices to attract more gas shipments, but less than on heating, reserves in the region remain inadequate.
The reduced inflow has slowed the pace of replenishment of gas reserves in Europe.
Hormones and low reserves “blow up” European gas.
Europe's natural gas prices have been close to the highest levels for more than three years, with traders racing to fill fuel storage facilities before winter, while they await details of an agreement between Iran and the Sultanate of Oman on the movement of navigation through the Strait of Horms. Standard future contracts rose by 1% on Tuesday to approach Euro74 per metrowatt hour.
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