European gas extends rally past 61-euro as Hormuz impasse drives supply fears
AI Summary
European natural gas prices surged past 61 euros per megawatt-hour following a collapse in Middle East diplomatic talks. This price increase reflects fear of winter supply shortages amidst regional geopolitical tensions near the Strait of Hormuz.
European natural gas prices surged on Tuesday, extending an aggressive two-day rally as a complete breakdown in Middle East diplomatic mediation reignited fears over persistent winter supply shortages. Benchmark Dutch front-month futures jumped as high as 61.80 per megawatt-hour, building on a dramatic 8% surge from the prior session. Equivalent British wholesale contracts advanced in ...