Europe gas prices exceed $1,050 for first time since 2022
Gas prices in Europe have reached their highest level since 2022. The price of gas in Europe (Dutch TTF futures) slightly exceeded 90 euros/MWh, or $1,063 per 1,000 cubic meters, on Tuesday.
Consensus
- European gas prices exceeded $1,050 per thousand cubic meters on October 20 for the first time since December 2023.
- The price increase was linked to supply disruptions from the Middle East conflict.
- Competition for liquefied natural gas (LNG) between Europe and Asia intensified.
- Prices on the Dutch TTF hub reached over $1,050 per thousand cubic meters during spot trading.
- The November futures contract on the TTF hub reached approximately $1,042 per thousand cubic meters.
- European gas storage levels are at historically low levels for this time of year, with Germany's storage below 61%.
- Prices in Asia also rose to levels seen in 2022.
Points of divergence
- The price of the November futures contract on the TTF hub rose to $1,042, or 89.83 euros per MWh. — vm
- The November futures contract on the TTF reached 90.24 euros per MWh at its peak, with a closing price of 89.73 euros per MWh. — vedomosti
- The U.S. administration under Donald Trump is considering restoring Russian gas supplies to Europe as part of a Ukraine conflict resolution. — vm
- Europe may face a gas deficit in winter and rising utility bills, with storage levels at their lowest in 15 years. — vedomosti
- Russian Deputy Prime Minister Alexander Novak stated that European consumers would pay for the EU's decision to stop Russian gas imports. — vesti
Coverage (7 sources)
- Gas prices in Europe rose against the backdrop of the start of the heating season — Ведомости
- Price of European gas futures exceeded $1,050 per thousand cubic meters for the first time since December 2022, calculations show... — ТАСС (Telegram)
- Gas prices in Europe have risen to the maximum since 2022 — The Moscow Times
- Gas in Europe rose to $1050 per thousand cubic meters for the first time since 2022 — Вечерняя Москва
- Price for natural gas in Europe exceeded 90 euros for the first time in four years — Ведомости
- Gas in Europe rose to $1050 for the first time since 2022 — Вести
- Gas in Europe already costs $1075 per thousand cubic meters — Ведомости