EU energy ministers to discuss soaring fuel prices as winter looms
UNG•EU energy ministers will discuss energy security and affordability as winter approaches, with gas storage 75% full versus 83% a year ago. European wholesale gas prices briefly reached €100/MWh, around triple pre-Iran war levels.
1. Ministers to discuss supply
EU energy ministers will meet on Thursday to discuss energy security and affordability ahead of the winter heating season as wars in Iran, Ukraine and Yemen send oil and natural gas prices soaring. Fighting has damaged refineries across the Middle East and Russia and hampered flows through shipping lanes in the Black Sea, Red Sea and Strait of Hormuz.
2. Storage and prices
The EU is entering winter with gas storage 75% full, compared with 83% a year earlier. European wholesale gas prices briefly touched €100/MWh on Wednesday, their highest level since December 2022, and were trading at around triple pre-Iran war levels. The European Commission has started talks with refineries on boosting output, including through possible changes to technical specifications, and EU countries will discuss proposals to cut electricity bills through tax and grid fee reforms.
