LONDON, Oct. 28 (Xinhua) -- European natural gas prices surged above 100 euros (about 111.50 U.S. dollars) per megawatt-hour on Wednesday for the first time since December 2022, amid concerns over disruptions to liquefied natural gas (LNG) supplies from the Middle East and tightening inventories ahead of winter.
Dutch Title Transfer Facility (TTF) natural gas futures for November delivery, the European benchmark, climbed to an intraday high of 100.75 euros per megawatt-hour. Prices have risen by about 40 percent so far this month.
According to Gas Infrastructure Europe, EU gas storage facilities were about 74.9 percent full as of Oct. 26, well below typical levels for this time of year. Storage levels in Germany and the Netherlands stood at approximately 61.7 percent and 65.5 percent, respectively, adding to supply pressures as the winter heating season begins.
Market analysts attributed the price surge to continued disruptions to LNG shipments from the Gulf region and growing concerns that the conflict between the United States and Iran could escalate following the U.S. midterm elections, further tightening global supplies.
According to Trading Economics, forecasts of colder-than-usual weather in parts of Europe and Asia could boost heating demand and intensify competition for LNG cargoes between the two regions, putting further upward pressure on natural gas prices.
