European natural gas futures held above €50/MWh on Friday, heading for their largest weekly gain since February 2022, amid concerns that a prolonged conflict in the Middle East could severely disrupt gas supplies. Prices have reached their highest levels since early 2023, climbing more than 50% this week alone. Early signs of gas supply problems in the region are emerging, with Moldova’s breakaway Transnistria region warning it could run out of gas within days. Analysts expect that European gas storage could end March at only 22–27% of capacity, significantly below the five-year average of around 41%. If less LNG arrive in the next four weeks, storage levels could decline further, increasing the risk of supply shortages. Meanwhile, the Trump administration said it is weighing several measures to address the surge in energy prices.
