BRUSSELS, Sept. 9 (Xinhua) -- European natural gas prices surged to their highest level in more than three years on Wednesday, as renewed Middle East tensions and concerns over liquefied natural gas (LNG) supplies added pressure to a market already facing low inventories ahead of winter.
Dutch TTF front-month futures, the benchmark for European gas, rose to 80.99 euros (about 93.9 U.S. dollars) per megawatt-hour during trading, crossing 80 euros for the first time since early 2023. Prices later eased to around 79 euros (about 91.6 dollars) per megawatt-hour.
The rise came as disruptions to LNG supplies from the Middle East and fresh concerns over Russian gas infrastructure tightened the supply outlook. EU gas storage facilities were 67.1 percent full as of Sept. 8, according to Gas Infrastructure Europe, which tracks gas storage levels across the region, well below normal levels for this time of year.
The Middle East conflict has pushed up European gas prices by increasing concerns over LNG supplies through the Strait of Hormuz, while higher energy costs are adding to inflation pressures in the eurozone, Euronews reported.
The International Energy Agency (IEA) said Wednesday that recent supply crises had exposed vulnerabilities in global gas markets, warning that competition for limited LNG cargoes during periods of acute stress could lead to extreme price volatility and significant economic impacts.
