European natural gas prices rose to their highest level in three months, after benchmark gas futures rose for the second consecutive day by 3.6%, amid rising concerns over global LNG supplies.

An economic report explained that Europe faces a major challenge in refilling its gas reserves before the upcoming winter, amid the high cost of limited global supplies.

Data added that the benchmark Dutch gas contract for next-month delivery jumped to around 50.65 euros per megawatt-hour, while the comparable British contract rose by about 5%, as markets continue to react cautiously to geopolitical developments.