European gas prices rose to their highest level since December 2022 — OilPrice

In the Netherlands, in Amsterdam, the price of the nearest gas futures contract at the TTF hub rose by 3% at the opening of trading on October 23 and exceeded €92 per megawatt-hour. This is the highest level since December 2022. As of 7:00 a.m. Amsterdam time, the contract was priced at €92.30, or $103.40 per megawatt-hour.

Quote dynamics

The Dutch TTF is the benchmark venue for European gas trading. The day before, its quotations also rose by 3% and ended trading above €90 per megawatt-hour. As OilPrice reports, the current price corresponds to more than $30 per million British thermal units.

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EU gas reserves

The increase comes ahead of the heating season, amid restrictions on flows of Qatari liquefied natural gas due to the escalation in the Middle East and the start of withdrawals from storage facilities in some EU countries because of falling temperatures.

According to Gas Infrastructure Europe, as of October 22, European Union gas storage facilities were 74.62% full. This is more than 10 percentage points below the five-year average, which is about 86% for this period. ING strategists Warren Patterson and Eva Manthey noted that European gas prices remain particularly sensitive to developments in the Persian Gulf, while LNG supplies may be largely absent from the market for a significant part of the winter in the Northern Hemisphere.