{
  "id": 6296634,
  "title": "The Euro's rate hike does not come with a gas cargo",
  "url": "https://urgent.news/2026/09/08/the-euros-rate-hike-does-not-come-with-a-gas-cargo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-08T16:27:06.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/the-euros-rate-hike-does-not-come-with-a-gas-cargo-202609081627"
  },
  "original_language": "en",
  "account": "On Thursday, the European Central Bank is likely to increase the deposit rate from 2.25% to 2.5%. Despite this rate hike, the Euro (EUR) remains trading above 1.1600, with a slight movement of half a pip from its opening level. European gas prices have surged to a three-year high, currently trading near €75.00 per megawatt-hour, which is a 128% increase from a year ago. The storage levels for gas are at 67% of their seasonal norm, as the heating season approaches. The Strait of Hormuz has been closed since February 28, causing Qatar to extend force majeure on European and Asian gas shipments until autumn. European energy consumption is expected to rise to over 120 billion cubic meters per year, with competing bids from the United States Gulf Coast and Qatar. Russian pipeline gas has decreased in demand, contributing to a more fluid global market for gas pricing. European power plants are currently influenced by global gas prices, which in turn impact the European electricity bills. Gas-fired plants have a significant influence on European power prices throughout most days. Gas imports are necessary for the Eurozone, as the region cannot produce sufficient gas internally. The upcoming Qatari gas shipment through Hormuz is crucial for the Eurozone, as it will alleviate the pressure on energy prices. The ECB is expected to raise the deposit rate by a quarter point on Thursday, while the main refinancing rate will increase to 2.65%. This policy change aims to address the energy crisis and maintain the value of the Euro.",
  "summary": "EUR/USD holds above 1.1600 after a session that has covered 28 pips and left the pair half a pip from where it opened. European gas hit a three-year high on the same clock, and the European Central Bank (ECB) is expected to raise the deposit rate on Thursday. The pair has priced both at nothing.",
  "key_points": [
    "European Central Bank hikes deposit rate to 2.5%",
    "Euro trades above 1.1600 despite rate increase",
    "Gas prices surge to three-year high near €75/MWh"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Euro grinds higher above 1.1600, traders await ECB rate decision, US inflation data",
        "url": "https://urgent.news/2026/09/09/euro-grinds-higher-above-1-1600-traders-await-ecb-rate-decision-us",
        "published": "2026-09-09T00:58:02.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}