EUROPEAN GAS PRICES SURGE TO HIGHEST LEVEL SINCE 2022, EXTENDING FIVE-DAY RALLY

European natural gas prices rose to their highest level since late 2022 on Thursday as escalating Middle East tensions fueled concerns about prolonged supply disruptions and winter fuel inventories. According to Sina Finance, benchmark gas futures briefly climbed 4.8% and advanced for a fifth straight session, while Asian prices also hit a more than three-year high. Oil prices added to the upward momentum. U.S. President Donald Trump said the war may not end until after the U.S. midterm elections in November. Tom Marzec-Manser, head of European gas and LNG at Wood Mackenzie, said the chance of a short-term resolution to the Middle East conflict is becoming increasingly remote. He said that means oil and gas prices will remain elevated and that this will ultimately raise living costs in many parts of the world. European storage levels are about 67%, the lowest for the period since records began in 2009. As of 6:22 p.m. Amsterdam time, the Dutch front-month gas futures benchmark was up 3.3% at 81.86 euros per megawatt hour, while the UK equivalent rose 3.8% to 205.22 pence per therm and earlier touched its highest level since December 2022.