European Natural Gas Prices Hit $100
European natural gas prices climbed toward €100 per megawatt-hour, their highest level since December 2022, as escalating tensions linked to the Iran war raised fears of global supply disruptions. Reports that the US may pursue a short, intense military campaign after the midterm elections have added uncertainty and supported energy prices. Europe faces particular risks because gas storage is only around 75% full, unusually low for this time of year, while forecasts for colder weather could lift heating demand. A prolonged conflict could also intensify competition for liquefied natural gas (LNG), forcing European buyers to pay more to secure supplies, especially if colder conditions in Asia boost demand there. Meanwhile, the EU proposed delaying methane-emissions rules that may ease some future import constraints but are unlikely to reduce prices immediately.
European natural gas prices climbed toward €100 per megawatt-hour, their highest level since December 2022, as escalating tensions linked to the Iran war raised fears of global supply disruptions. Reports that the US may pursue a short, intense military campaign after the midterm elections have added uncertainty and supported energy prices. Europe faces particular risks because gas storage is only around 75% full, unusually low for this time of year, while forecasts for colder weather could lift heating demand.
A prolonged conflict could also intensify competition for liquefied natural gas (LNG), forcing European buyers to pay more to secure supplies, especially if colder conditions in Asia boost demand there. Meanwhile, the EU proposed delaying methane-emissions rules that may ease some future import constraints but are unlikely to reduce prices immediately.