European benchmark gas price touches €100 for first time since December 2022
UNG•Europe’s benchmark gas price briefly reached €100 per megawatt hour for the first time since December 2022, rising about 4% as Middle East shipping disruptions keep supply tight ahead of winter.
1. Price reaches milestone
The Dutch front-month gas contract at the TTF hub briefly traded at €100 per megawatt hour at around 1335 GMT on Wednesday, up about 4% from the previous session.
2. Supply and demand pressures
Prices have climbed as the Middle East conflict escalated and are around triple pre-Iran war levels. Analysts and industry forecasters expect at least another year of high gas prices even if the war is resolved and winter is mild, as Europe will need to replenish storage reserves depleted to record lows. High wholesale prices are filtering into consumer gas and power bills, and some gas-intensive companies in fertiliser, chemicals and steel have cut output.
