FX.co ★ EU Natural Gas Rebounds

European natural gas prices rose more than 3% on Wednesday to above €58 per MWh, rebounding after two consecutive sessions of losses, as renewed hostilities in the Middle East intensified concerns about prolonged supply disruptions. On Tuesday, the US military reported it had intercepted multiple missiles launched by Iran, ending a days-long lull in direct clashes between the two sides. Both countries had largely held back over the weekend, following nearly two weeks of nightly US airstrikes on Iran and repeated attacks by Tehran on Washington’s allies across the Gulf. The latest escalation has further darkened Europe’s gas supply outlook as the region races to rebuild inventories ahead of the winter heating season. Supply worries were compounded by reports that QatarEnergy, one of the world’s largest LNG exporters, has extended force majeure declarations for European buyers until at least the end of September.