European gas prices rise 5% on supply worries

European gas prices have experienced a significant increase of 5%, amid concerns over supply disruptions through the Strait of Hormuz, which accounts for about one-fifth of the world's liquefied natural gas trade. Although Dutch benchmark contracts saw a decline of more than 9% last week, uncertainty surrounding the Strait's opening and ongoing negotiations over its reopening are causing sharp market fluctuations. Prices are expected to swing between gains of more than 100 euros per megawatt-hour or declines, depending on the likelihood of reaching agreements to end supply disruptions or alternative routes. Meanwhile, European gas reserves continue to decline, currently at around 71% of seasonal levels, compared to a previous average of 87%.

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