Europe Gas Settles at Week-High on Wider Mideast Conflict Fears
- Broader conflict seen risking LNG flows via Strait of Hormuz
- Futures still post weekly loss amid mild weather, high storage
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European natural gas settled at the highest level in a week as concerns that the conflict in the Middle East will widen and affect global flows of the vital fuel ahead of winter.
Benchmark futures closed 1.9% higher, even as they declined on the week amid mild weather and high storage levels. Still, gas prices are more than 30% higher since before the Oct. 7 attack on Israel by Hamas.