European Gas Prices Hit Highest Level Since December 2022
European natural gas prices have risen again ahead of the winter season, driven by concerns over low storage levels and potential supply disruptions.
According to Belga news agency, futures at the Dutch TTF hub, Europe's key gas benchmark, climbed by more than 2% on the morning of October 13, exceeding €86 per megawatt-hour. This marks the highest level recorded since December 2022.
In February, TTF gas prices stood at approximately €32 per megawatt-hour. The outbreak of war in the Middle East in late February and disruptions to shipping through the Strait of Hormuz have since contributed to a sharp increase in prices.
Approximately one-fifth of global liquefied natural gas and oil supplies pass through the Strait of Hormuz, making it a critical route for global energy markets.
Concerns have also intensified because European gas storage facilities contain significantly less gas than they did at the same time in previous years.
As temperatures gradually fall, rising energy demand combined with supply risks could put further upward pressure on prices.
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