European Gas Hits €100/MWh for First Time Since 2022
Low inventories and Middle East supply disruptions are driving prices higher, with Dutch TTF futures up about 7% last week, analysts said.
- On Wednesday, Europe's benchmark Dutch TTF natural gas contract traded above €100 per megawatt-hour, a price level not seen since December 2022 at the height of the energy crisis following Russia's invasion of Ukraine.
- Disruption to LNG shipments caused by the Iran war cut off supplies, mainly from Qatar, while Europe entered the summer with Storage levels well below normal, compounding supply constraints.
- EU energy chief Dan Jørgensen told reporters Wednesday, "Once again, due to geopolitical turbulence, Europe faces another energy crisis," while Storage stood at 75% versus the 90% target.
- ACER estimated the Iran war has pushed Europe's gas import bill up by between €18 billion and €33 billion, while the bloc must compete with Asia for spare LNG cargoes this winter.
- The bloc and Canada are exploring a long-term LNG deal according to a draft statement for their summit in Montreal on Thursday and Friday, seen by Euronews.
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The European price for natural gas rose to 100 euros per megawatt hour (MWh) for the first time since 2022 on Wednesday. The most recent forward-looking natural gas forward-looking contract TTF for delivery on the Amsterdam stock exchange was 100.3 euros per MWh in one month. This was 4.12 percent more than the previous day.
The price of natural gas in Europe has crossed the 100 euro mark per megawatt hour this Wednesday, a first since December 2022, due to the supply disruptions related to the conflict in the Middle East....
European gas hits €100/MWh for first time since 2022
Europe's benchmark natural gas contract briefly touched €100 per megawatt hour (MWh) today for the first time since December 2022, as disruptions to Middle East shipping of liquefied natural gas keep supply tight ahead of winter.
The price of gas is soaring again in Europe, driven by tensions in the Middle East. The decline in inventories as winter approaches as well as low wind production For the first time since
The price of oil is already massively rising as a result of the war between the US and Israel against Iran. The same applies to the price of gas - but not so massive for a long time. Since mid-September there has been a considerable leap - to over 100 euros per megawatt hour.
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