European Gas Tops 101 Euros for First Time Since 2022
Europe’s benchmark natural gas prices have topped 101 euros per megawatt-hour (MWh) for the first time since the 2022 crisis as winter looms amid historically low European gas storage levels. The front-month price at…
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Europe’s benchmark natural gas prices have topped 101 euros per megawatt-hour (MWh) for the first time since the 2022 crisis as winter looms amid historically low European gas storage levels.
The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, surged by 4% as of 9 a.m. in Amsterdam on Friday. The TTF price was on track for an 8% weekly gain amid mounting concerns that the escalation in the Middle East would continue to choke off Qatari and Emirati LNG flows through the Strait of Hormuz.
At 101.82 euros ($114) per MWh early on Friday, the European benchmark price topped the 100-euro mark for the first time since 2022, during the previous gas crisis when Russia cut off pipeline gas supply to most of its European customers after Putin invaded Ukraine.
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