News came overnight Tuesday of a strike in Australia which spiked the European gas market yesterday – https://www.afr.com/work-and-careers/workplace/lng-exports-at-risk-as-woodside-and-chevron-strikes-loom-20230809-p5dv3n. You will see other articles if you Google.
Last year the same strike was not settled until late September.
The reason this affects Europe is that China takes 85%+ of Australian production and without that supply China will outbid Europe for LNG supplies from Qatar which is 40% of European supply.
You have time to wait if you wish to see if the market drops back if your renewal is imminent. The risk is that the strike is not settled and prices rise further in the meantime.
Below are a couple of screen shots from yesterday afternoon
If you wish to talk it through do please call me.