European gas futures rise 6% in a week on supply concerns

European gas futures climbed by around 6% over the week and are likely to continue rising in the coming months, according to Asharq.

On Tuesday, European gas prices reached their highest level since December 2022, driven by concerns over potential disruptions to liquefied natural gas supplies from the Gulf and declining storage levels, especially in Germany. Meanwhile, oil prices fell after a strong rally in the previous session.

Dutch TTF gas futures, the European benchmark, rose 2.17% to €86.19 per megawatt-hour after touching €86.79 earlier in the session.