Europe Gas-Prices gain amid fresh US-Iran attacks
XLE•European gas prices rise as US-Iran tensions deepen
Benchmark Dutch and British wholesale gas prices rose on Monday, with the latter setting a 3-1/2-year intraday high, as the U.S. and Iran traded oil tanker attacks, which also further dimmed hopes of reviving Qatari liquefied natural gas (LNG) flows from the region.
The benchmark Dutch front-month contract at the TTF hub TFMBMc1 rose by €2.45 to €74.40 per megawatt hour (MWh) by 0737 GMT, ICE data showed.
The British front-month contract NGLNMc1 rose by 6.03 pence to 184.84 pence per therm.
Earlier in the session, the British front-month briefly rose to 186.83 p/therm, its highest intraday level since January 2023, while the TTF contract hit €75.20/MWh, just short of another 3-1/2-year high.
Hormuz tensions and LNG supply concerns support market
U.S. and Iranian forces fired at vessels in waters around Iran on Saturday, including three Iranian oil carriers struck by the Americans and three tankers that Iran said it targeted while on unauthorized routes in the Strait of Hormuz.
