European Natural Gas Prices Rise on Middle East Escalation

Europe’s benchmark natural gas prices rose on Thursday to nearly 90 euros per megawatt-hour, or the equivalent of $29.50 per million British thermal units (MMBtu), as the escalation in the Middle East raised concerns about European winter gas supply amid historically low inventories at the start of the heating season. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, had jumped by 2.7% at 9 a.m. Amsterdam time on Thursday, tracking a 3% surge in oil prices as…