European benchmark gas price touches €100 for first time since December 2022
European benchmark gas price touches €100 for first time since December 2022
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By Nina Chestney Wed, October 28, 2026 at 2:02 PM UTC
By Nina Chestney
LONDON, Oct 28 (Reuters) - Europe's benchmark natural gas contract briefly touched €100 per megawatt hour (MWh) for the first time since December 2022 on Wednesday, as disruptions to Middle East shipping of liquefied natural gas keep supply tight ahead of winter.
The Dutch front-month contract at the TTF hub briefly traded at €100 per MWh at around 1335 GMT, up around 4% from the previous session, data from the Intercontinental Exchange showed.
Prices have been rising to 2022 highs as the conflict in the Middle East has escalated, and are now trading at around triple pre-Iran war levels.
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European households and industries are already feeling the pinch of high energy prices this year as the US-led war on Iran has raised costs for oil, transport fuels, gas, electricity and food. Analysts and industry forecasters foresee at least another year of high gas prices even if the war is resolved and winter proves mild, as Europe will need to restock gas storage reserves depleted to record lows.
High wholesale gas prices are filtering through to consumer gas and power bills, with natural gas-fired plants typically setting the price for electricity during the periods of highest demand.
Some companies in industrial sectors which use gas as a feedstock, such as fertiliser, chemicals and steel manufacturing, have already cut output.
(Reporting by Nina Chestney and Nora Buli; Editing by Emelia Sithole-Matarise)
Source: “AOL Money”
