Europe’s Gas Prices Jump as Hormuz Standoff Drags On
Saudi Arabia Sells 100 Million Barrels of Crude to Asia via Hormuz What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Europe’s benchmark natural gas prices jumped by 4% at trade open in Amsterdam on Thursday, as the United States and Iran remain distant on how to end the war and put an end to the blocked LNG shipments at the Strait of Hormuz.
After surging 4% at open, the front-month price at theDutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, eased, but was still up by 3% at $84.30 (74 euros) per megawatt-hour (MWh) as of mid-morning.
Prices have eased from their peak for this month of as much as $93 (82 euros) per MWh, which was the highest since January 2023, when Europe faced the first winter without most of the Russian pipeline gas supply.
Despite the pullback in recent days, the continued standoff over the Strait of Hormuz and the ongoing fears of how little LNG supply is actually leaving the Middle East fueled another rally in European prices early on Thursday as Europe struggles to fill gas storage sites ahead of winter.
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and Iran resumed indirect contacts and talks on the sidelines of the UN General Assembly in New York this week, but no progress has emerged from these.
Some Qatari and UAE cargoeshave managed to transitthe Strait of Hormuz in recent weeks, but these are too low to move the needle of the global LNG balance.
The choked LNG flows from the Middle East in the past six months have sent gas prices in Asia and Europe to thehighest since the 2022-2023energy crisis as buyers are competing for available supply that doesn't need to move through the Strait of Hormuz.
Earlier this week, Fitch Ratingsraisedits TTF gas assumptions for this year and next, due to the Iran conflict.
“The increased TTF gas assumptions reflect disruptions to LNG flows through Hormuz, which accounted for 20% of global LNG supply before the conflict,” Fitch Ratings said.
“EU gas storage is only two-thirds full, sufficient to avoid supply disruptions during winter but well below the 80%-90% levels at this time in 2022-2025.” Just One Commodity Vessel Left the Strait of Hormuz on Wednesday Saudi Arabia Sells 100 Million Barrels of Crude to Asia via Hormuz What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge Bessent Says Strait of Hormuz Obsolete Within Two Years White House Weighs Defense Production Act as U.S.
Refineries Maxed Out Saudi Arabia Discovers 110 Million Tonnes of Uranium-Bearing Ore Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise Energy Giants Are Betting Billions on a World of Longer Oil Routes Oil Above $100 Pushes U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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