European Natural Gas Prices Surge to Highest Level Since 2022

AI Summary

European natural-gas prices climbed to their highest level since 2022, with the Dutch TTF benchmark rising 3% at the open as Middle East escalation restricts Qatari LNG flows and European countries begin drawing on storage. Brent crude also reached a five-month high of $114 per barrel amid concerns that Houthi attacks could target Saudi energy facilities.

The benchmark European natural gas price jumped by 3% at opening in Amsterdam on Friday as the Middle East escalation continues to restrict Qatari LNG flows and some EU countries started tapping gas in storage as temperatures drop. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, jumped by 3% at 7 a.m. Amsterdam time on Friday, as oil prices also rose, and Brent hit a five-month high of $114 per barrel as concerns grow that Houthi attacks could hit Saudi Arabian energy facilities. At…