European Gas Price Rises After Israeli Strikes Alarm Markets
0752 GMT – European natural-gas prices rose above 37 euros a megawatt hour in early trade after Israel's strikes against Iran raised fears of a wider regional conflict that could disrupt global flows. 'So far TTF prices are still contained, but there is a higher risk premium now back in the market,' says Florence Schmit, energy strategist at Rabobank. Traders are concerned about potential disruptions in the Strait of Hormuz, where roughly a fifth of global LNG passes through. 'Qatar, Oman and the UAE operate roughly 18% of the world's LNG supply, so any disruptions to flows from especially Qatar could easily see TTF prices back in the EUR100/MWh,' Schmit says. The benchmark Dutch TTF contract currently trades 2.9% higher at 37.24 euros a megawatt hour. (giulia.petroni@wsj.com)
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