1345 GMT - European natural-gas prices are headed for a weekly gain of more than 11%, as escalating hostilities in the Middle East continue to threaten global LNG supplies. In afternoon trading, the benchmark Dutch TTF contract is up 3.3% to 64 euros a megawatt-hour. Disruptions to shipping through the Strait of Hormuz have prompted Asian buyers to increase purchases of U.S. cargoes that would typically be destined for Europe. As a result, European LNG imports have fallen by more than is usual for the summer season. "If disruptions in the Strait of Hormuz persist, upward pressure on European gas prices is likely to continue," says Norman Liebke from Commerzbank. The outlook is further complicated by Europe's historically low gas storage levels, which require substantial replenishment ahead of winter and will be difficult to rebuild without stronger LNG inflows. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
July 24, 2026 09:45 ET (13:45 GMT)
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