Jul. 29 at 11:20 AM
$VG European natural gas prices rose above €59 per MWh on Wednesday, rebounding after two consecutive sessions of losses, as fresh hostilities in the Middle East deepened concerns over prolonged supply disruptions. The US and Saudi Arabia conducted joint military strikes against Iran-backed groups in Iraq, accusing them of being behind drone attacks on Saudi oil facilities, prompting Iran to warn that holding it responsible for the attacks would be a "major miscalculation." The strikes came just hours after Washington said it had intercepted multiple missiles launched by Tehran targeting US troops in the region, ending a days-long lull in fighting. The latest escalation worsens Europe’s gas supply outlook as the region races to replenish storage ahead of the winter. Supply worries were compounded by reports that QatarEnergy, one of the world's largest LNG exporters, has extended its force majeure for European buyers until at least the end of September.
