Due to the tight winter energy supply and ongoing conflict in the Middle East, European gas prices rose to 97 euros per megawatt-hour on the 26th, reaching the highest level since December 2022. Before the war broke out in Iran in February this year, the price of natural gas in Europe was around 32 euros per megawatt hour, but it was still below 75 euros at the beginning of this month. At the same time, Europe's gas stocks are also under pressure. Currently, the inventory rate of European gas storage facilities is about 75%, which is lower than the seasonal average of about 80% during the same period, and the lowest level for the same period since records began in 2009. As the temperature in mainland Europe drops, the market expects heating demand in the European market to increase dramatically in the next few days.

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