(Bloomberg) — European natural gas prices rose as forecasts for colder weather added to rising tensions in the Middle East, following the seizure of a ship over the weekend.
Most Read from Bloomberg
Benchmark futures halted four-sessions of declines, increasing as much as 6.9% before paring some of the gains. The contract is still trading in a narrow range near €50 a megawatt-hour, its level for much of the last few weeks.
Temperatures across much of northwest Europe are set to drop below normal levels toward the end of the month, which could boost demand for heating. Separately, a vessel seized in the Red Sea by Iran-backed Houthi rebels on Sunday has raised concerns that the Israel-Hamas war could lead to broader shipping disruptions.
So far, the transport of energy projects has been largely unaffected by the conflict. Still, the Red Sea, including the Suez Canal, is one of the world’s busiest shipping routes. Tankers from Qatar, a top exporter of liquefied natural gas, regularly pass through the region on the way to Europe.
“At present, anything that might conceivably be a problem seems to cause a price increase,” Jonathan Stern, a distinguished research fellow at the Oxford Institute for Energy Studies, said. “Potentially the conflict could widen and that could potentially disrupt flows from Qatar to Europe, but at present there’s no sign of anything like this happening.”
Read More: Seized Vessel in Red Sea Renews Fears of Shipping Disruptions
The market is also “catching up” to Friday’s jump in crude oil prices — which also advanced slightly Monday — ahead of a meeting of the OPEC+ alliance later this week, according to Ole Sloth Hansen, head of commodity strategy at Saxo Bank AS.
Europe is heading into winter with full storage sites and ample LNG imports, but the continent remains vulnerable to supply risks after last year’s energy crisis saw Russia curb pipeline gas flows.
Dutch front-month futures, Europe’s gas benchmark, rose 3.4% to €46.58 a megawatt-hour at 11:15 a.m. in Amsterdam.
Most Read from Bloomberg Businessweek
©2023 Bloomberg L.P.
🏠 HD | Tech | Live🟢 | ToDay🌞 | Magazine | News | Crypto | ⛅Weather | 🇪🇸 | 🍿 | Terms | Privacy | ☕
⚖News Balance🇺🇲
The WEBFI algorithm actively curates and presents current news from the Internet, delivering it in both written and video formats on our platform. Unlike many other news sources, WEBFI Network - News Balance Security is committed to a user-friendly experience. We refrain from displaying advertising within our content, avoid any redirects to external sites, and meticulously filter out any graphic content deemed unsafe, sensitive, or private. Our primary goal is to provide visitors with a distraction-free and secure environment, ensuring they receive the news they seek.
Importantly, WEBFI Network does not collect any personal information from our visitors, and we do not engage in newsletter subscriptions. We take pride in remaining entirely advertiser-free, thanks to the support of our contributors and our dedicated hosting service partners. It's crucial to note that the opinions and content presented on our platform do not necessarily align with WEBFI NETWORK's opinion, philosophy, or vision. We strongly uphold the principle of freedom of speech, welcoming a diverse range of perspectives and ideas.
🌐 Discover News Balance 🇺🇲 - Your Round-the-Clock Source for Unbiased News!
Experience a continuous stream of comprehensive, unbiased news coverage 24/7/365 with News Balance 🇺🇲. Our carefully curated playlist ⏯ delivers a harmonious blend of national and global politics, cutting-edge tech updates, weather forecasts, noteworthy events, and captivating entertainment news.
The best part? No subscriptions, registrations, or downloads required. Enjoy an ad-free news experience with News Balance 🇺🇲.
WEBFI Unstoppable Websites
Since 2018
"Introducing Unstoppable Private WebFi Websites – Your Forever Digital Haven.
Experience a lifetime of ownership with WebFi – where your digital presence is a lifelong investment. Embark on your journey to own a private website for life.
Our private servers set the gold standard in security and performance, ensuring your website stays in top form. With our lifetime license, the days of fretting about hosting renewals are behind you.
Unlock your very own WebFi space granting you a perpetual haven for your projects, free from the burden of recurring payments. Your sole financial commitment? Domain annuities to your domain provider – nothing more!
Choose WebFi and own your digital future, secure, simple, and everlasting."LEARN MORE
WEBFI |🟢LIVE | TECH | MAGAZINE | NEWS | CRYPTO&MARKET | LATINO|⛅WEATHER |☕ HURRICANE WATCH RADAR WATCH
X
