European gas touches €100 for first time since 2022 energy crisis as consumers, industry feel the pain
Middle East supply disruptions and low storage pushed benchmark futures above €100, raising the risk of higher heating and industrial costs.
- On Wednesday, European benchmark natural gas prices briefly touched €100 per megawatt-hour, the highest level since December 2022, as Middle East conflict and shipping disruptions tighten supply ahead of winter.
- Escalating conflict in the Middle East has disrupted liquefied natural gas shipments, particularly through the Strait of Hormuz, where attacks on tankers have constrained supply and prompted analysts to warn of prolonged high prices.
- EU gas storage sites were only 74% full as of October 21, falling well below the five-year average of about 86%, leaving the region vulnerable to winter supply shocks and dependent on continued imports.
- High wholesale prices are filtering into consumer and industry bills, with forecasts suggesting annual energy costs could reach nearly €2,200 from January, while European governments have spent €17.9 billion this year to cushion impacts.
- Energy analyst Ana Maria Jaller-Makarewicz of the Institute for Energy Economics and Financial Analysis warned that demand reduction remains the primary control lever as forecasters anticipate sustained high prices through winter.
295 Articles
295 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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