European natural gas prices may rise by up to 16% this week

Golden Ten Data reported on April 24th that due to the tense situation in the Strait of Hormuz and the deadlock in US-Iran negotiations, European natural gas prices may rise by more than 16% this week, intensifying concerns about long-term supply disruptions. In early trading, the benchmark Dutch TTF front-month contract rose by 1.3% to 45.09 euros per megawatt hour. However, according to analysts from ANZ Bank, Europe is importing large amounts of liquefied natural gas (LNG) to rebuild its inventories, with import volumes above seasonal averages. Meanwhile, increases in production from other regions—such as the restart of Australia’s Wheatstone LNG plant and the commencement of exports from the US GoldenPass LNG project—are helping to ease supply shortages.