European gas prices once surpassed 97 euros per megawatt-hour, for the first time since 2022. Market concerns about Europe's weak supply and demand balance this winter and the prospects for conflict in the Middle East are growing. Benchmark futures rose 4% on Monday, then regained some of the gains. Temperatures are expected to drop across Europe, and traders expect heating demand to rise in the next few days. At a time when global gas supply is tight, this may cause other buyers from Europe and Asia to bid for natural gas.

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