EUROPEAN GAS SURGES TO HIGHEST SINCE 2022

European benchmark gas futures broke above €86 per megawatt-hour this month, the highest level for the Dutch $TTF contract since December 2022. That is more than two and a half times the roughly €32/MWh price seen back in February, when a new Middle East war erupted and disrupted tanker traffic through the Strait of Hormuz. European storage levels are also running below prior-year norms just as colder weather arrives, adding pressure to a market already short on supply.