European gas prices jumped to a two-week high on concerns about LNG supplies.

Based on fears of shrinking LNG flows, natural gas futures jumped more than 8% to over €33 per MWh, their highest level in two weeks. These concerns outweighed the fact that gas reserves in storage are at a record level, drawing the attention of Trading Economics.

“Gas flows at the main US export terminal have decreased, which indicates a possible disconnection. In addition, there is a risk that in September, October, and November, due to higher supply prices, they will be redirected to Asia, and there may be less LNG this month,” explains the economic media outlet.

At the same time, gas storage facilities in Europe are over 87% full, which is the highest figure ever for this time of year. The plan is to reach 90% capacity by November.