CoinMeta data: Winter supply risks, coupled with conflicts in the Middle East, have caused European natural gas prices to break through 97 euros per megawatt-hour for the first time since 2022, due to increased concerns about the fragile supply-demand balance in the region this winter and the prospects of conflicts in the Middle East. European natural gas benchmark futures continued the upward trend from last week on Monday, with gains reaching 3.5% at one point. Traders expect heating demand to rise in the coming days. In terms of European weather, it is expected to turn colder next week, with milder conditions in Northern Europe. This will coincide with global natural gas supply tensions, setting the stage for bidding wars with other buyers such as Asia. As hostilities in the Persian Gulf and supply disruptions continue, market expectations of a short-term alleviation of the situation are fading. Although current European natural gas prices are still far below the peak during the last energy crisis, the latest wave of price increases could exacerbate inflation and drag down economic activity.