Brussels, September 09 (QNA) - European natural gas prices rose on Wednesday to their highest level since January 2023, extending gains for a fourth consecutive session as escalating tensions in the Middle East heightened concerns over global energy supplies.
Benchmark gas futures have risen by around 8% since Friday, Bloomberg reported, as concerns over supply disruptions intensified and oil prices rose above $100 a barrel.
European countries are facing growing pressure to replenish their gas reserves ahead of the winter heating season. Storage facilities are currently around 67% full, well below the five-year average of about 84%, leaving Europe with a smaller buffer against supply disruptions as winter approaches.
Traders are also watching for increased competition between European and Asian buyers for liquefied natural gas (LNG) cargoes as winter approaches and demand rises. (QNA)