Europe Gas Rises Again as Shippers Unconvinced by US Hormuz Plan European natural gas prices surged again on Thursday, defying expectations that the U.S. plan to secure the Strait of Hormuz would ease concerns over potential disruptions to global energy supplies. The price increase was driven by a combination of factors, including continued tensions in the Middle East and lingering doubts among shippers about the effectiveness of the U.S. strategy. The price of Dutch TTF gas futures rose 6% to €44.75 per megawatt-hour, its highest level since June last year. The UK NBP gas futures also gained 4% to £3.85 per therm, as traders remained cautious despite efforts by the U.S. to guarantee the safety of oil tankers passing through the Strait of Hormuz. The U.S. plan, which includes increased military presence in the region and a commitment to protecting commercial shipping lanes, was seen as a step towards calming market jitters following the seizure of a British-flagged tanker by Iranian authorities earlier this year. However, shippers remain unconvinced that the strategy will be enough to prevent future incidents, citing ongoing tensions between Iran and Saudi Arabia. "Increased military presence is not going to change the underlying dynamics in the region," said Tim Bayley, head of commodity research at consultancy Energy Aspects. "The U.S. has a significant role to play in stabilizing the global energy market, but this plan alone is not going to solve the problem." Market participants are also concerned about potential disruptions to oil supplies from other regions, such as Libya and Venezuela, where political instability and security concerns continue to weigh on output. Meanwhile, European gas demand continues to rise, driven by increasing temperature...#Venezuela #Iran #Saudi_Arabia #European_Commission #Strait_of_Hormuz #US_Hormuz_Plan #Libya
