European Natural Gas Prices Rise on New U.S.-Iran Conflict

According to Jin10, Dutch benchmark natural gas wholesale prices rose on Monday after a new round of U.S. and Iranian attacks dashed hopes that liquefied natural gas shipments could resume passing through the Strait of Hormuz before winter in the Northern Hemisphere, increasing the risk of a further surge in gas prices. ICE data showed the front-month contract at the Dutch TTF hub rose 2.42 euros to 69.40 euros per megawatt hour. ING analysts said the new attacks heightened market concerns that the U.S. and Iran could remain locked in a long-term stalemate, further stoking worries about disruptions to Gulf-region energy flows, including LNG supply.