European natural gas prices hit their highest level since Dec. 2022, as the Dutch Title Transfer Facility (TTF) November gas futures, Europe's benchmark, broke 90 euros per megawatt-hour in intraday trading Tuesday, marking a sharp jump from around 32 euros before the outbreak of the latest Middle East conflict.
EU gas storage sites were 74.6 percent full as of Monday, data from Gas Infrastructure Europe showed, well below the average for this time of year.
With the winter heating season approaching, Europe faces mounting pressure to replenish gas stockpiles.
Market analysts said the Middle East conflict has disrupted liquefied natural gas (LNG) exports from the Gulf and raised energy transit security risks, tightening global gas supplies. As winter draws near, rising demand in Europe and Asia, the world's two major LNG import markets, is likely to push natural gas prices even higher.
European natural gas prices top 90 euros/MWh, highest since late 2022
European natural gas prices top 90 euros/MWh, highest since late 2022
