Europe Gas Prices Jump 5% to Highest Level Since 2023
Analysts warn a prolonged Gulf disruption could drive European buyers to compete with Asian buyers, with Goldman Sachs seeing prices near €100/MWh.
- On Monday, the European benchmark Dutch TTF natural gas price reached an intraday high of €70.85 per megawatt-hour, according to ICE data, as uncertainty over LNG supplies from the Gulf pressured prices higher.
- US-Iran tensions escalated after Sunday strikes near the Strait of Hormuz, prompting Last Thursday's force majeure notice from QatarEnergy to Italian utility Edison extending LNG suspension until early November.
- Gas storage facilities across Europe were 64.7% full according to Gas Infrastructure Europe data, leaving inventories below historical levels and raising concerns Germany and the Netherlands could miss their 80% and 70% targets by November 1.
- Prolonged disruptions could trigger a bidding war between European and Asian buyers for available LNG, while Oxford Economics identifies Italy as most exposed since wholesale price changes reach consumers within six months.
- Analysts Samantha Dart and Laura Cyr of Goldman Sachs estimate that if Middle East energy exports normalize gradually through 2027, December TTF prices could exceed €100 per megawatt-hour, risking substantial economic damage across Europe.
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24 Articles
Gas prices continue to rise and are now at their highest level since the start of the crisis in the Strait of Ormuz, a strategic axis through which 20% of world exports of liquefied natural gas (LNG) transited before the start of the conflict in the Middle East. Reference prices in Europe – the Dutch TTF – are twice as high as last year.
The wholesale price of gas for the European market exceeded 70 euros (1690 crowns) per megawatt hour (MWh) on Monday, the highest since March. Renewed fighting between the United States and Iran is contributing to the rise in oil prices and raising concerns about further delays in the export of liquefied natural gas (LNG) from the Persian Gulf, Euronews reported.
European gas prices spike above €70 amid renewed Middle East fighting
The benchmark Dutch TTF natural gas price rose above €70 per megawatt-hour on Monday, as renewed fighting between the US and Iran raised fresh concerns about further delays to LNG exports from the Persian Gulf.
Europe Gas Prices Jump 5% to Highest Level Since 2023
European benchmark natural gas prices jumped by 5% in early morning trade on Monday as the re-escalation of hostilities between the United States and Iran intensified concerns about LNG supply from the Middle East. The benchmark price at the Dutch Title Transfer Facility (TTF) soared by 5% in morning trade in Amsterdam, and the price topped 70 euros, or $81.20, per megawatt-hour (MWh), after the U.S. and Iran resumed trading strikes for the firs…
TTF prices surge as European gas market tightens
TTF prices surged in August as tighter global LNG supply, stronger European gas demand and Norwegian outages combined to put renewed upward pressure on the market. The increase came as gas prices across Europe and Asia climbed to their highest levels since the start of the Hormuz crisis. Asian and European gas prices in August […] The post TTF prices surge as European gas market tightens first appeared on European Gas Hub.
Winter is only a few months away and European natural gas is already writing 70.5 euros per MWh. The TTF has gained +76% from the approximately 40 euros it had at the end of June. This rise brings back to the fore what he warned by sofokleous10..gr
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