EMEA Natural Gas Update: Futures Surge on Rise in Power Demand as Heatwave Scorches Europe

European natural gas futures were up on Friday, hitting a three-week high, as extreme heat continues to bear down on the continent, offsetting the easing of tensions along the Strait of Hormuz. The front-month Dutch TTF contract rose 1.93% to 44.865 euros ($51.37) per megawatt-hour, while the UK front-month NBP contract gained 2.48% to 107.100 British pence ($1.43) per therm. Both Dutch TTF and UK Gas were up 9.66% and 9.37% for the week, respectively, according to TradingEconomics. Europe continued to experience record-breaking temperatures that have "shattered historical records," with the heatwave forecast to expand eastward into the heart of the continent, according to Severe Weather EU. The prolonged hot weather is expected to boost gas-fired power demand as electricity consumption for air conditioning and other cooling needs increases. This has helped offset bearish sentiment following "positive progress" in indirect talks between the US and Iran earlier this week in Doha, with the next round scheduled to take place after the funeral of the former Supreme Leader of Iran, according to an Al Jazeera report. Meanwhile, the strategically crucial Strait of Hormuz, which.