European Gas Tops 101 Euros for First Time Since 2022

AI Summary

Europe’s benchmark Dutch TTF natural gas price rose above €101 per megawatt-hour for the first time since 2022, with the front-month contract up 4% on Friday and on track for an 8% weekly gain. Prices are rising as winter approaches, European gas storage remains historically low, and Middle East tensions threaten LNG flows through the Strait.

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.  The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, surged by 4% as of 9 a.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…