[As supply concerns intensify, European natural gas prices climb to their highest level since 2022] September 14th, European natural gas prices followed oil prices higher, and concerns about long-term supply disruptions in the Middle East dominated the market. Benchmark futures once soared 5.9% to their highest level since December 2022. After a brief pullback in the previous trading day, the current rally continued. European natural gas prices have nearly tripled so far this year as conflicts in the Middle East show no sign of ending. Europe is running out of time to rebuild its unusually low natural gas inventories before winter and will have to compete more fiercely for supplies during the heating season if global supplies remain tight.