European natural gas prices have risen to around €75 per megawatt-hour, their highest level in more than three years, as concerns grow over supplies ahead of the winter heating season. EU gas storage facilities are around 66% full, their lowest level for this time of year in 15 years. The market has come under renewed pressure from disruptions to liquefied natural gas supplies from the Middle East, heightened competition for alternative cargoes and concerns over Europe’s ability to replenish inventories before demand rises in the colder months.
