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European natural gas prices rise as Gulf risks threaten LNG flows
TTF broke above EUR50 per MWh as European storage sat at 52% of capacity, below the five year average of 68%.
European natural gas benchmarks climbed as Middle East developments raised concerns about LNG flows from the Persian Gulf, pushing buyers toward alternative routes, FXStreet said citing ING analysis.
TTF moved above EUR50 per MWh and settled almost 5.4% higher, with the market heading into the injection season while storage remained thin at 52% of capacity.
ING also pointed to a continued premium for JKM versus TTF, which has encouraged cargo diversions to Asia and left Europe tighter.
FXStreet also noted that the report came alongside broader market moves, including dollar weakness after US inflation data and comments connected to Federal Reserve Chair Warsh testimony.
Latest closeNat gas $2.893 ▼1.6%