Disrupted LNG shipments and dwindling reserves have raised fears of another European energy crisis
European natural gas prices have surged to their highest level in four years amid the war in Iran and the EU’s continued push to phase out Russian energy supplies, according to data from online aggregator Trading Economics.
On Monday, wholesale prices briefly surpassed €97 ($108) per megawatt-hour, reaching levels not seen since December 2022. The increase came as the bloc’s gas storage facilities were just 74.62% full as of October 25, well below seasonal averages.
Liquefied natural gas (LNG) shipments through the Strait of Hormuz, which accounted for around a fifth of global LNG trade before the US and Israeli military campaign against Iran earlier this year, remained approximately 80% below pre-conflict levels.
Some EU countries have already begun drawing on stored gas as temperatures fall. Trading Economics forecasts that European gas prices will reach €98.20 per megawatt-hour by the end of the fourth quarter of 2026.
In the UK, the month-ahead gas contract rose by 4% to its highest level since December 2022, according to the Guardian. Brent crude, which climbed to $117 per barrel last week, has since eased slightly but remains around $115.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: rt.com
