European Natural Gas Reaches €100 For First Time Since 2022

Europe's benchmark natural gas contract briefly touched €100 per megawatt hour (MWh) on Wednesday as disruptions to Middle East shipping of liquefied natural gas keep supply tight ahead of winter and consumers and industry feel the pinch from high energy prices.

Prices have been rising to 2022 highs as the conflict in the Middle East has escalated, and are now trading at around triple pre-Iran war levels.

The US-led war on Iran has raised costs for oil, transport fuels, gas, electricity and food. Analysts and industry forecasters foresee at least another year of high gas prices even if the war is resolved and winter proves mild, as Europe will need to restock gas storage reserves depleted to record lows.

The Dutch front-month contract at the TTF hub briefly traded at €100 per MWh at around 1335 GMT, up around 4% from the previous session, data from the Intercontinental Exchange showed.

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