Europe's benchmark hits €90/MWh for first time since December 2022
UNG•Europe’s Dutch benchmark gas contract rose above €90/MWh for the first time since December 2022, reaching an intraday high of €90.16/MWh. European storage was 74.58% full, while Asian buyers competed for available LNG cargoes.
1. Benchmark reaches new high
The Dutch front-month contract at the TTF hub, Europe’s benchmark, reached an intraday high of €90.16/MWh, its highest level since December 22, 2022. It later traded at €90.09/MWh, up €2.05. The British front-month contract also reached its highest level since December 22, 2022, at 220.60 pence per therm.
2. Supply competition and storage
Analysts said attacks in the Middle East were sustaining a risk premium ahead of winter, while Asian buyers were seeking available LNG cargoes. Asia’s benchmark LNG price rose above $30/mmBtu on Monday for the first time since December 2022. European gas storage was 74.58% full, below historical levels for this time of year, though inventories had risen by an average of 1.2 TWh per day over the past week.
