Supply Risk and Soaring Demand Keep European Natural Gas Prices at 1-Year High

European benchmark natural gas prices continued to hover on Friday around their highest level in a year amid soaring demand in colder weather and an imminent risk to Russian gas supply to Austria. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were trading on Friday around the highest level so far this year. This level was reached on Thursday, when prices soared by nearly 6%. At 11:02 a.m. in Amsterdam on Friday, the front-month futures were at $48.32 (45.70 euros) per megawatt-hour (MWh) amid concerns about supply…