European TTF Gas up 5% on Hormuz Shipping Concerns
Dow Jones
Aug 10
1145 GMT - European natural-gas prices climb more than 5% as uncertainties surrounding the reopening of the Strait of Hormuz raise concerns about supplies ahead of winter. "Europe is well behind in refilling its storage facilities before the heating season, with levels sitting at 58% compared with normal seasonal levels of 70%," ANZ analysts say. "However, even if the strait reopens, shipping companies will require a sustained period of calm before making the journey through the key waterway." In afternoon trading, the benchmark Dutch TTF contract is up 5.7% to 58.80 euros a megawatt-hour.
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