Price of European natural gas rises - Iran intensifies attacks

On the Amsterdam stock exchange, the price of the benchmark natural gas futures contract TTF for delivery in one month rose by more than two percent to 52.10 euros per megawatt hour (MWh) in early trading. According to experts, the recent rise in the price of gas will make it more difficult to stockpile for the coming winter.

Iran has recently stepped up its attacks on the energy infrastructure in the Persian Gulf. The operation of a natural gas field in the United Arab Emirates was halted while the authorities assessed the damage caused by a drone attack.

Prices have risen by more than 60 percent since the start of the war

Tehran's attacks are intensifying at a time when concerns about supply shortages are growing as the war in the Middle East enters its third week.

The severe restrictions on shipping traffic through the Strait of Hormuz on the Persian Gulf are beginning to have an impact on consumers in Asia in particular, who are especially dependent on supplies from the Gulf region and have also recently increased their demand for gas on the European market.

Operators: refilling gas storage facilities is a major challenge

With the current price increase, European natural gas has become more than 60 percent more expensive since the beginning of the US and Israeli attacks on Iran. Due to the price jump, refilling German gas storage facilities will be a major challenge this year, according to storage operators.

According to the Storage Energy Initiative (Ines), the market currently lacks any economic incentives to inject gas into storage. In light of the historically low initial filling levels after the winter, this poses a considerable risk for the preparation of the coming winter supply.