European gas touches €100 for first time since 2022 energy crisis as consumers, industry feel the pain
Middle East supply disruptions and low inventories pushed the benchmark above €100, with analysts warning of higher bills for households and industry.
- On Wednesday, October 28, European natural gas prices topped €100 per megawatt-hour for the first time since December 2022, as the benchmark Dutch TTF contract surged more than 4% amid Middle East shipping disruptions tightening supplies ahead of winter.
- Conflict in the region has sharply reduced liquefied natural gas shipments from Qatar, leaving European storage at roughly 74.6% capacity as of October 25, well below the five-year average of about 86% entering the heating season.
- Industrial producers, including steel and fertilizer, are already reducing output due to high gas costs, while European Union governments have spent €17.9 billion this year to cushion the effects on households and firms.
- European Union energy chief Dan Jørgensen warned on Wednesday that the bloc faces a "new energy crisis," while analysts suggest Europe may need to curb gas consumption to ensure supplies last through March.
- Equinor CEO warned of potential late-winter price spikes if cold weather boosts demand, while analysts estimate the global liquefied natural gas market may not rebalance until autumn 2028, keeping European energy security at risk.
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297 Articles
The financial gas drama has been in the pipeline for months, but now that it is getting colder, as a reporter you notice it sinking in with households. The gas price is skyrocketing, hitting 100 euros per megawatt-hour on the global market on Wednesday, and suppliers are charging households more than 2 euros per cubic meter for new energy contracts.
The gas price has risen to a four-year high. Europe is once again on the verge of an energy crisis. The EU Energy Commissioner warns against massive heating costs.
Europe gas prices top 100 euros for first time since 2022 energy crisis as winter nears
Benchmark futures jump over 5% as low inventories, colder weather and fears of renewed US strikes on Iran heighten supply concerns. Qatar has extended force majeure on some LNG deliveries through year-end, adding to pressure on European energy costs.
On Wednesday, the price of gas on the European market in the first time of the energy crisis in 2022 exceeded €100 per megawatt hour. This happened a little while after the European Commissioner for Energy Dan Jorgensen predicted that Europe is threatened by a “new energy crisis” and a severe winter, writes Euronews. The last time such a level was fixed in December 2022, in the wake of the energy crisis, which arose after the full-scale invasion…
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