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Europe gas prices rise as Strait of Hormuz LNG shipments remain blocked
Dutch TTF front-month gas was up 3% to $84.3 per MWh by mid-morning after jumping 4% at the Amsterdam open, with Europe scrambling to refill storage ahead of winter.
Europe’s benchmark natural gas prices jumped early Thursday, driven by continued uncertainty over the war between the United States and Iran and the resulting blockage of liquefied natural gas shipments through the Strait of Hormuz. According to OilPrice, the front-month contract at the Dutch Title Transfer Facility (TTF) rose 4% at the Amsterdam trade open before easing, but was still up about 3% at $84.3 per megawatt-hour by mid-morning.
The article links the move to persistent concerns about how little LNG is actually moving out of the Middle East, leaving global buyers competing for supply. While some Qatari and UAE cargoes have transited the strait in recent weeks, OilPrice said volumes remain too small to meaningfully change the overall LNG balance.
OilPrice also noted that prices had eased from a monthly peak, when TTF climbed as much as $93 per MWh, the highest level since January 2023. The piece adds that Europe is still working to fill gas storage sites ahead of winter.
Finally, OilPrice said indirect U.S. and Iran contacts resumed on the sidelines of the UN General Assembly in New York this week, but no progress emerged on resolving the standoff or restoring LNG flows through the corridor.
Latest closeNat gas $3.182 ▲7.3%