The crisis in natural gas is growing: US-Iran tension sent prices soaring: 6.6 percent increase in one week...

Natural gas prices in Europe rose 6.6 percent on a weekly basis, as supply disruptions from the Persian Gulf tightened the global liquefied natural gas (LNG) market and pre-winter supply concerns increased.

In the Netherlands-based TTF, which is considered the reference for natural gas pricing in Europe, the megawatt-hour price of natural gas in November futures contracts closed at 87.55 Euros on Friday last week.

Prices increased by 6.6 percent to 93.29 euros at 14.57 today compared to Friday's closing. Natural gas prices in Europe have been at their highest levels since December 2022.

STATEMENT FROM TRUMP ON IRAN

News that the US is preparing for a possible new attack on Iran after the midterm elections has increased concerns that supply disruptions may continue for a long time.

US President Donald Trump argued that they caused serious damage to Iran in many respects and said, "We beat them badly and maybe we can go a little further."

US Permanent Representative to the United Nations (UN) Mike Waltz stated that they hope that the attacks, blockade and economic sanctions against Iran will force the Tehran administration to make concessions, but they are also prepared for a long-term conflict.

OCCUPANCY RATE OF GAS TANKS IN EUROPE

Continuing attacks on ships passing through the Strait of Hormuz has become another factor supporting prices by increasing uncertainty about when LNG shipments from the region will return to normal.

While LNG shipments from the Middle East remain at approximately 80 percent lower levels compared to the same period last year, alternative suppliers have limited capacity to meet the lost supply in a short time, increasing the tightness in the global gas market.

Intensifying competition for available cargoes between the world's two largest LNG import regions, Europe and Asia, also supports the upward pressure on prices.

The occupancy rate of gas tanks in Europe continues to be below the seasonal average. According to Gas Infrastructure Europe data, the occupancy rate of natural gas tanks in the European Union countries was measured at 74.62 percent as of yesterday.

The low occupancy rate in warehouses narrows Europe's buffer to cover supply cuts before winter, while increasing its vulnerability to new cuts and an increase in heating demand.