Benchmark Dutch front-month futures gained 3.3% to trade at 60 euros megawatt-hour, consolidating near its highest level since July 24. Equivalent British wholesale contracts firmed by 1% to trade around 149.24 pence per therm, tracking similar upward momentum across regional hubs. European Union gas storage facilities were filled to just 59.12% of capacity, according to data from Gas Infrastructure Europe. At the same time, intense summer heatwaves across Southern and Central Europe have forced power utilities to burn higher volumes of natural gas for air-conditioning cooling, diverting crucial supply away from underground storage caverns. The resulting market structure has flipped into backwardation – where near-term prices trade higher than contracts for future delivery – stripping away the commercial incentive for utilities to buy expensive spot gas for storage.