European gas continued its gains last week due to concerns about low gas storage inventories and weak winter supply balances. Benchmark futures climbed to their highest level since December 2022 following reports that an LNG carrier was attacked near Yemen. The current filling rate of gas storage facilities is slightly higher than 74%, lower than the five-year average of 89%, and the price is more than double the pre-war level.

European gas continued its gains last week due to concerns about low gas storage inventories and weak winter supply balances. Benchmark futures climbed to the highest level since December 2022 following reports that an LNG carrier was attacked near Yemen. The current filling rate of gas storage facilities is slightly higher than 74%, lower than the five-year average of 89%, and the price is more than double the pre-war level.