European Gas Tops 101 Euros for First Time Since 2022

Europe’s benchmark natural gas prices have topped 101 euros per megawatt-hour MWh for the first time since the 2022 crisis as winter looms amid historically low European gas storage levels. m. in Amsterdam on Friday. The TTF price was on track for an 8% weekly gain amid mounting concerns that the escalation in the Middle East would continue to choke off Qatari and Emirati LNG flows through the Strait of Hormuz.

82 euros $114 per MWh early on Friday, the European benchmark price topped the 100-euro mark for the first time since 2022, during the previous gas crisis when Russia cut off pipeline gas supply to most of its European customers after Putin invaded Ukraine. 89% full as of October 29, per data from Gas Infrastructure Europe.