European Gas Hits Four-Year High Above €97 As Oil Futures Fall

European natural gas prices rose above €97 per megawatt-hour Monday, reaching a four-year high amid Iran-war supply disruptions and weather-related demand concerns. The move contrasted with declines in crude oil and U.S. natural gas futures.

European gas storage was at its lowest level for this time of year since 2009. The storage figure adds context to the supply concerns behind the price increase, while weather forecasts also shaped the market.

U.S. natural gas futures fell as forecasts shifted toward warmer conditions. Oil futures also declined Monday as traders considered diplomatic efforts to ease U.S.-Iran hostilities. Continued Houthi attacks on Saudi Arabia kept regional supply risks in view.

Officials representing Saudi Arabia, Pakistan and Turkey went to Tehran to hold talks. The developments left energy markets moving in different directions: European gas rose amid supply and demand concerns, while oil fell as traders weighed diplomacy alongside ongoing attacks. TokenPost has previously covered oil-market reactions to U.S.-Iran diplomacy and supply risks in an earlier report.