European Gas Tops 101 Euros for First Time Since 2022 on Mideast Supply Fears

Europe's benchmark natural gas price broke above 101 euros per megawatt-hour for the first time since the 2022 crisis, as mounting Middle East tensions threaten LNG flows through the Strait of Hormuz heading into winter. The front-month Dutch Title Transfer Facility contract rose 4% as of 9 a.m. in Amsterdam on Friday and was headed for an 8% weekly gain. It traded at 101.82 euros ($114) per MWh early Friday. EU storage sites were 74.89% full as of October 29, per Gas Infrastructure Europe, well below the five-year average of about 86% for this point in the season. QatarEnergy this week extended force majeure on LNG deliveries through year-end, and unplanned outages in Norway added to supply concerns, ING's Warren Patterson said.