European Natural Gas Prices Surge Past 50 Euros per MWh Amid Iran Conflict on May 18

GateNews
NG2.01%

According to Jin10 data, European natural gas prices surged past 50 euros per megawatt-hour on May 18, with the Dutch benchmark TTF near-month contract climbing 2.4% to 51.36 euros during morning trading. Analysts at the Dutch bank attributed the rally to expectations that Middle East tensions will persist in the near term.

Dutch ING analysts noted that the market has underestimated the impact of potential Persian Gulf supply disruptions, warning that Asian buyers entering the spot market to replace interrupted Gulf contracts will intensify competition with European counterparts. EU gas storage levels stood at just 36% of total capacity, well below the five-year average of 50%.

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