Benchmark Dutch and British gas prices rose as Houthi attacks heightened concerns about prolonged disruption to Middle Eastern LNG exports. Dutch front-month gas rose €3.50 to €92.50 per megawatt hour, while the British contract gained nearly 8 pence to 229.95 pence per therm.
The Dutch front-month contract at the TTF hub rose €3.50 to €92.50 per megawatt hour by 0813 GMT. The British front-month contract gained nearly 8 pence to 229.95 pence per therm.
Renewed Houthi attacks on Saudi Arabia and shipping heightened fears that Middle Eastern LNG exports could remain severely disrupted. Analysts at ING said European gas prices remained extremely sensitive to developments in the Persian Gulf, with LNG flows increasingly likely to be largely absent from the market for at least much of the Northern Hemisphere winter.
EU gas storage appeared to have peaked at just under 75% full, analysts at ING said. Norwegian exports were expected to rise by 36 million cubic metres per day to 341 million if outages at Troll, Oseberg and Kårstø finished, while power-plant demand was expected to fall due to above-normal German wind generation.
