Natural gas prices in Europe rose above €65 per megawatt-hour on Thursday, their highest level in five months, as the war in the Middle East disrupted imports ahead of winter.
The increase comes at a critical time, with European countries building up reserves for the colder months. Gas storage sites are currently 62% full, their lowest level for this point in the year since 2009.
Wholesale prices remain well below the peaks seen during the energy crisis four years ago.
However, contracts for this winter are expected to cost about twice as much as those signed last year. Prices could rise further if the conflict continues.
