European gas touches 100 euros for first time since 2022

The Dutch front-month TTF contract, the European benchmark, briefly traded at 100 euros per megawatt hour on Wednesday, up about 4 percent on the day and the first time at that level since December 2022, as disrupted liquefied natural gas shipments through the Strait of Hormuz keep supply tight into winter.

Why it matters: Europe has entered the heating season with gas storage nearly 75 percent full, and Germany at about 60 percent, so high wholesale prices are passing into power and industry costs, and EU Energy Commissioner Dan Jørgensen warned on Wednesday of a possible new energy crisis and a difficult winter ahead.

Data as of Reuters report of October 28, 2026, citing Intercontinental Exchange data for the 13:35 GMT trade at 100 euros per megawatt hour, corroborated by France 24 and by Petra reporting of the European Commission warning; storage figures are Reuters reporting of October 28, 2026. Developing item.

Europe’s benchmark natural gas contract briefly traded at 100 euros per megawatt hour at about 13:35 GMT on Wednesday, up around 4 percent from the previous session and the first time at that level since December 2022, according to Intercontinental Exchange data reported by Reuters. The rise comes as disruptions to liquefied natural gas shipping through the Strait of Hormuz, a route for about 20 percent of global supply, leave Europe and Asia competing for fewer cargoes, with prices now about three times their levels before the war on Iran. Europe has begun the heating season with storage nearly 75 percent full and Germany’s at about 60 percent, both below last year, and the German front-year power contract rose 1.7 percent to 159.30 euros per megawatt hour, its highest since June 2023.

European gas touches 100 euros for first time since 2022

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