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European gas touches €100 for first time since 2022 energy crisis as consumers, industry feel the pain
Traders cited Middle East supply risks and low inventories as benchmark Dutch TTF futures climbed above €100, raising costs 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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The price of natural gas in the European market almost tripled during October, reaching its highest level since the end of 2022, exceeding $1,000 per thousand cubic meters.
·Tehran, Iran (Islamic Republic of)
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Gas in Europe jumped above €100 on the risk of renewed war with Iran <p>European gas futures rose to €103.16 per MWh due to geopolitical risks and low supplies. Repositories are 75% full.</p>
·Kyiv, Ukraine
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Russia is outlawed as a supplier for the few cargoes from the Middle East. Europe has to expect a further price surge.
·Zürich, Switzerland
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Energy supply: no shortage expected in the EU this winter, but high gas and oil prices put a heavy burden on consumers
·Budapest, Hungary
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Total News Sources365
Leaning Left26Leaning Right44Center36Last UpdatedBias Distribution41% Right
Bias Distribution
- 41% of the sources lean Right
41% Right
L 25%
C 34%
R 41%
Factuality
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