European gas prices rose again on Tuesday, reaching their highest level since December 2022 as concerns grew over low storage levels ahead of winter.
The benchmark Dutch TTF natural gas futures contract, the main reference for the European market, rose more than 2% on Tuesday morning to above €86 per megawatt hour.
In February, the TTF price was closer to €32 per megawatt hour.
Prices have surged since the outbreak of war in the Middle East in late February and disruption to shipping through the Strait of Hormuz.
Almost a fifth of global liquefied natural gas and oil volumes transit through the strait, making the route critical to global energy supplies.
Market anxiety has also grown over European gas storage levels, which are noticeably lower than at the same time in previous years.
Those concerns are increasing as mild temperatures gradually give way to more wintry weather across Europe.
