One Turn
European gas prices reach highest level since 2022
The Dutch TTF gas benchmark rose 3% at Friday's open to its highest since 2022 as Middle East fighting restricts Qatari LNG flows and some EU countries began drawing on storage. Qatar has agreed to buy US natural gas, which CNBC said shows how the Iran war has reshaped energy markets in favor of US LNG exporters.
Why it matters
Higher wholesale gas prices raise heating and power costs for European households as winter approaches.
Background
Europe replaced much Russian pipeline gas with LNG after 2022, with Qatar a major supplier. Its shipments pass through the Strait of Hormuz.
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 23, 6:30 AM ET
- CNBC ↗Oct 23, 1:25 PM ET
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