European gas prices spiked by 25% on Thursday, after a wave of attacks on energy infrastructure in the Middle East included strikes at a key liquefied natural gas facility in Qatar.

Gas prices across Europe and the United Kingdom rose sharply as concerns grew that the conflict in the Middle East could disrupt global energy supplies.

Natural gas futures in the United States and Europe have recorded multi-day rallies this week as freezing temperatures spread across key markets, driving short-covering amid concerns over stronger heating demand and potential production disruptions.

European natural gas prices edged close to a new 2025 low ahead of a meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky, News.Az reports, citing Bloomberg.

Gas prices in Europe surpassed $500 per 1,000 cubic meters on Thursday, marking the highest level since November 28, 2023, according to data from London’s ICE exchange.

The price of futures quotes for natural gas at the NYMEX (New York Mercantile Exchange) has decreased.

Analysts at Goldman Sachs said to clients in a note this week that the firm sees limited upside to Henry Hub prices until 2025. The firm expects production to rebound in June, but to settle at a lower level than previously expected. This has led Goldman to upwardly revised their BalSum24 Henry Hub forecast to $2.65/mmBtu (from $2.15/mmBtu) and forwards to $2.88mmBtu, News.az reports.