2026-03-03 07:40:00
EUROPEAN GAS PRICES UP
BLOOMBERG - March 2, 2026 - European natural gas surged after fighting across the Middle East raised fears of a major disruption to global energy supplies.
Benchmark futures jumped as much as 25% — the biggest increase since August 2023 — after tanker traffic through the Strait of Hormuz largely halted over the weekend. The narrow waterway is a key shipping route for energy, carrying about a fifth of the world’s liquefied natural gas exports. Oil also rose sharply.
The situation risks the most serious shock to gas markets since Russia’s invasion of Ukraine four years ago upended global energy trade. While Asian countries buy most of the LNG shipped from the Middle East, any disruption would increase competition for alternative supplies — pushing up prices worldwide, including in Europe.
Europe is especially exposed. While the continent is nearing the end of winter and gas consumption is slowing, fuel inventories are unusually low. The region needs to import large volumes of LNG this summer to refill them ahead of next heating season, and “the next key question for traders will be how long the strait remains closed,” said Tom Marzec-Manser, director for Europe gas and LNG at Wood Mackenzie Ltd.
“The longer it takes to reopen the higher the price will go, he said.” US President Donald Trump said in an interview with the New York Times that he intends for the bombardment of Iran to continue for the next four to five weeks.
A month-long halt to shipping through Hormuz could cause European gas prices to more than double, according to Goldman Sachs Group Inc. That would mark a significant shock for the market after benchmark futures dropped 19% last month, thanks to relatively mild weather and ample supply.
“This situation might complicate storage refill operations in the coming months, and place renewed pressure on industrial energy costs,” said Simone Tagliapietra, an analyst at the Bruegel think tank in Brussels.
The conflict intensified over the weekend after the US and Israel attacked Iran. Tehran responded with strikes targeting several countries. LNG tankers that were scheduled to load cargoes in Qatar and the United Arab Emirates now appear to be delaying or rerouting their plans.
In addition, Israel on Saturday ordered the temporary closure of some gas-producing capacities as a security measure, prompting major importer Egypt to seek more LNG cargoes. Israel has three projects, including the large Leviathan gas field, which was also shut down as a precaution when Israel and Iran were at war in June.
Iran said it didn’t intend to shut the Hormuz waterway, yet vessels began avoiding the strait almost as soon as the conflict began on Saturday. Qatar has announced a temporary suspension of all maritime navigation.
“The European gas marked in reality is more sensitive to the de facto closure of the Strait of Hormuz than the oil market,” said Arne Lohmann Rasmussen, chief analyst at Global Risk Management. “This cut off will soon be felt in the physical market.”
Dutch front-month futures, Europe’s gas benchmark, traded 21% higher at €38.72 a megawatt-hour by 8:52 a.m. in Amsterdam.
-----
Earlier:
2026, February, 18, 07:45:00
EUROPE REDUCE EMISSIONS BY 90%
The European Climate Law already establishes climate neutrality by 2050 and a 55% net GHG reduction by 2030 (vs. 1990) as legally binding obligations for all member states.
2025, August, 7, 06:55:00
RUSSIAN ENERGY FOR EUROPE: $ BILLIONS
Imports of goods from Russia in the first quarter of 2025 totaled 8.74 billion euros ($10.11 billion), down from 30.58 billion euros four years earlier. Since January 2022, the EU has imported 297 billion euros' worth of Russian goods.
2025, August, 5, 06:45:00
EUROPEAN BAN OF RUSSIAN GAS: ROADBLOCK
While strengthening oversight over Russian gas imports, the Proposal’s transparency and traceability measures place a significant burden on importers and other stakeholders, while risking regulatory overreach – particularly if over-zealously implemented – thus potentially increasing costs and preventing legitimate gas imports from entering the EU.
2025, May, 28, 06:55:00
RUSSIAN ENERGY FOR EUROPE
The European Commission will next month propose legal measures to phase out the EU's imports of all Russian gas and liquefied natural gas by the end of 2027, the EU executive said earlier in May.
2025, May, 13, 06:40:00
EUROPE WITHOUT RUSSIAN ENERGY
"Despite the significant progress achieved under the REPowerEU Plan and via sanctions since Russia's invasion of Ukraine, in 2024 the EU saw a rebound in Russian gas imports," the EC said. "More coordinated actions are therefore needed, as the EU's overdependency on Russian energy imports is a security threat."
2025, April, 14, 06:40:00
EUROPEAN RENEWABLES WILL UP
EU countries are expected to add 89 gigawatts of new renewable energy capacity in 2025, including 70GW of solar and 19GW of wind, according to Commission projections shared with Reuters. The projections are based on industry data.
2025, March, 27, 06:50:00
EUROPEAN GAS PRICES DOWN
Lower LNG demand from China is also providing near-term relief for European buyers competing for shipments. The Asian country’s purchases are forecast to fall this year for the first time since 2022,
2025, January, 16, 06:25:00
EUROPEAN GAS PRICES UPDOWN
While Europe has managed to diversify its energy supplies since the 2022 crisis — making a phaseout of Russia’s fuel potentially less challenging — this winter has served as a reminder that the region remains vulnerable.