EU Energy Ministers Meet as Gas Hits €100/MWh and Winter Supply Fears Mount

EU energy ministers met to address a worsening energy price crisis as winter approaches, with natural gas prices touching 100 euros per MWh on Wednesday and diesel prices at all-time highs following two decades of refinery closures. Energy Commissioner Dan Jorgensen called the refinery closures a mistake and warned against neglecting supply security. "We are in a very serious situation now," he said, while noting no supply issue currently exists. Measures under discussion include cutting taxes and grid fees to lower electricity bills and easing technical requirements to boost refining output. EU gas storage stands at roughly 75%, below the five-year average of over 80%. LNG purchases for the week to October 9 were 30% lower than a year earlier, according to Rystad Energy, which warned Europe has "less of a storage cushion than needed" and fewer options to replace disrupted supply. Analysts cautioned that mild weather alone cannot reverse the continent's vulnerability.