European gas benchmarks rise as traders reassess Persian Gulf supply disruptions and tighter-than-average EU storage levels.
European gas prices climbed above EUR50 per megawatt-hour as persistent Middle East tensions stoke supply concerns. The TTF benchmark extended gains in early trading, reflecting fears of prolonged disruptions in the Persian Gulf region.
EU storage levels remain below historical averages at 36% full, compared with a five-year norm of 50%. Analysts warn Asian buyers may increase spot market purchases to replace lost contracted cargoes, intensifying competition with Europe.
The market is seen underpricing the potential scale of supply impacts, with no immediate resolution to regional risks in sight.