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European gas prices rise toward 90 euros on Middle East escalation
Europe's benchmark Dutch TTF gas price rose on Thursday to nearly 90 euros per megawatt-hour, about $29.50 per MMBtu, as escalation in the Middle East raised concern about winter supply. Inventories are historically low at the start of the heating season, and UK regulator Ofgem approved a deal to preserve gas import capacity from Belgium.
Why it matters
Higher gas prices raise heating and power costs for European households and industry this winter.
Background
Europe relies heavily on imported liquefied natural gas, including from Qatar, which ships through Hormuz. Europe cut pipeline gas imports from Russia after 2022.
The story so far
- Europe braces for winter energy crunch as gas reserves run low
- European gas prices rise toward 90 euros on Middle East escalation
- European gas prices reach highest level since 2022
- European gas hits four-year high
- European gas tops 101 euros per megawatt-hour
- European gas tops 101 euros as winter looms
Sources
- OilPrice ↗Oct 22, 10:30 AM ET
- OilPrice ↗Oct 22, 11:30 AM ET
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