European gas tops 101 euros for first time since 2022 crisis

· Oil & Gas · Netherlands

Europe's benchmark natural gas price topped 101 euros per megawatt-hour for the first time since the 2022 energy crisis, as winter approaches with historically low European gas storage levels. The front-month price at the Dutch Title Transfer Facility, the benchmark for Europe's gas trading, rose about 4%. The move extends a rally driven by thin inventories and the approach of the heating season, echoing the supply squeeze that gripped the continent during the 2022 crisis. The price level matters for utilities, industrial gas users and traders who price supply and hedging off TTF.

Why it matters：Returning to 2022-era gas price levels signals renewed supply stress in Europe, raising costs for utilities and energy-intensive industry and testing the continent's post-crisis market design.

Key points

  • TTF front-month gas rose about 4% to above 101 euros/MWh.
  • European gas storage levels are described as historically low ahead of winter.
  • It is the first time the benchmark has breached 101 euros since the 2022 crisis.

Sources (original reporting)

More stories from this day