European Natural Gas Hits Highest Level Since 2022 as Middle East Tensions Curb Qatari LNG

European benchmark natural gas prices jumped 3% at Friday's opening in Amsterdam, reaching their highest level since December 2022, as Middle East escalation continues to restrict Qatari LNG flows and some EU countries began drawing on storage amid falling temperatures. The front-month Dutch Title Transfer Facility (TTF) contract rose to $103.40 (92.30 euros) per megawatt-hour, equivalent to over $30 per million British thermal units. TTF had rallied 3% on Thursday, settling above 90 euros per MWh. Brent crude also hit a five-month high of $114 per barrel on fears Houthi attacks could strike Saudi energy facilities. EU gas storage stood at just 74.62% full as of October 22, per Gas Infrastructure Europe, well below the five-year average of about 86% for this point ahead of the heating season. ING strategists Warren Patterson and Ewa Manthey noted prices remain "extremely sensitive" to Persian Gulf developments, with LNG flows likely absent for much of the Northern Hemisphere winter.