European Natural Gas Prices Headed for Multi-Year Highs

Europe's main natural gas price benchmark is headed for multi-year highs despite the "energy ceasefire" reported between Russia and Ukraine over the weekend and improving Strait of Hormuz energy flows. Europe is heading into the Northern Hemisphere winter without Qatari LNG exports and with storage levels well below 15-year lows. Dutch TTF futures trade around 83 euros per megawatt-hour, the highest level since early 2023. The September pullback to around 70 euros per megawatt-hour was short-lived. "Even without Qatari LNG exports, Europe…