Tightening Market Supplies Push European Natural Gas Prices to Highest Level Since End of 2022

As the Middle East conflict continues, casting a shadow over supply prospects for the coming months, European natural gas prices have reached their highest level since December 2022. A brief cold snap next week could become the first test for Europe's energy market. During the heating season, natural gas consumption in Europe typically doubles. If energy supplies from the Middle East cannot be restored, Europe may have to fight more fiercely for supplies as fuel stocks remain at seasonal lows.