European natural gas prices surged again on Monday, extending the sharp gains recorded last week as the escalating Middle East conflict continued to disrupt global energy flows and unsettle markets.
By 08:50 GMT, benchmark Dutch TTF natural gas futures had climbed 16.6% to €62.26 per megawatt-hour after earlier hitting a session high of €69.50. Meanwhile, U.S. natural gas futures rose 5.4% to $3.36 per MMBtu.
The latest rally adds to an extraordinary surge last week as traders responded to growing supply risks. Monday’s jump was triggered by the forced shutdown of Ras Laffan in Qatar — the world’s largest liquefied natural gas complex — sparking concerns over the availability of global LNG shipments. Even if hostilities were to end immediately, market participants warn that supply-chain disruptions could linger.
“European natural gas rose 67% last week, its biggest weekly gain since the 2022 energy crisis,” analysts at ANZ said.
The disruption comes at a particularly vulnerable moment for Europe.
Western Europe is entering a period of relatively low gas storage levels, leaving the region more exposed to supply shocks and raising concerns about its ability to rebuild inventories ahead of the winter heating season.
Energy markets more broadly have also been shaken by the conflict. U.S. crude oil futures climbed back above $100 a barrel as investors increasingly priced in the risk of a prolonged supply shock from the Middle East.
The surge in oil and gas prices has also reverberated across financial markets, pushing global bond prices lower as investors reassess the outlook for inflation and interest rates amid rising energy costs.
Sources: Senad
THE ETERNAL SOVEREIGN 
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