LNG prices in Europe skyrocket to highest level since 2023
LNG prices in north-west Europe reached $22.83 per million British thermal units in late August, double the price from a year ago, as the Strait of Hormuz remains closed. European gas storage levels were low, with Germany and the Netherlands below half full. Italy became the bloc's largest LNG importer in July, a first since 2017.
Why it matters: This highlights the theme of energy security, as Europe's reliance on LNG imports and geopolitical disruptions in the Strait of Hormuz expose vulnerabilities in its energy supply.