Natural gas prices in Europe surge to highest level since 2022

The price of the front-month gas contract on the Dutch TTF rose by 3% on Friday morning, reaching $103.40 per MWh (92.30 euros). The increase is driven by the ongoing escalation in the Middle East, which is restricting LNG supplies from Qatar, and falling temperatures in Europe.

According to Gas Infrastructure Europe, as of 22 October, European storage facilities were 74.62% full, compared to an average of approximately 86% for this date over the past five years.