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European gas prices hit highest levels since 2022 amid supply concerns
European natural gas prices have surged to their highest levels since late 2022, driven by low storage levels and supply concerns. On the Dutch TTF exchange, November gas futures reached 87.32 EUR per megawatt hour.
EU gas storage capacity was reported at 74.1% as of Thursday, significantly lower than the 83.04% recorded during the same period last year. In Germany, storage levels are notably below average at approximately 60%.
The price spike is attributed to several factors, including falling temperatures at the start of the heating season and supply disruptions in the Middle East. Specifically, tensions in the Strait of Hormuz have impacted approximately 20% of global LNG supplies. This has intensified competition between European and Asian buyers for available liquefied natural gas.
Additionally, the European Union is preparing to implement a total ban on Russian LNG imports starting in January. Russian Deputy Prime Minister Alexander Novak noted that European nations have faced costs four times higher than before the cessation of Russian gas imports due to their increased reliance on US-sourced LNG.
Entities
Alexander Novak · Dutch TTF exchange · ENTSOG · Energy Community · European Union · Gas Infrastructure Europe · Jurij Oniškiv · Strait of Hormuz · TTF
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The European Union is projected to start the 2026/2027 winter with gas stocks at 72% capacity. www.brasilemfolhas.com.br
- [● 7 SOURCES] November gas delivery prices on the Dutch TTF exchange reached 87.32 EUR per megawatt hour. rtnk.me · www.dan.co.me · tvpljevlja.me · verige.net · lat.sputnikportal.rs · +2 more
- [● 6 SOURCES] EU gas storage was 83.04% full on the same day last year. rtnk.me · www.dan.co.me · tvpljevlja.me · verige.net · lat.sputnikportal.rs · +1 more
- [● 6 SOURCES] The EU will implement a total ban on Russian LNG imports starting in January. rtnk.me · www.dan.co.me · tvpljevlja.me · verige.net · lat.sputnikportal.rs · +1 more
- [● 6 SOURCES] EU gas storage was 74.1% full as of Thursday. rtnk.me · www.dan.co.me · tvpljevlja.me · verige.net · lat.sputnikportal.rs · +1 more
- [○ 1 SOURCE] Russian Deputy Prime Minister Alexander Novak stated that European countries have incurred costs four times higher than before the cessation of Russian gas imports. nabatieh.org
- [● 7 SOURCES] Disruptions in the Strait of Hormuz have removed approximately 20% of global LNG supplies from the market. rtnk.me · tvpljevlja.me · verige.net · lat.sputnikportal.rs · www.dan.co.me · +2 more
- [● 8 SOURCES] Gas prices in Europe have reached their highest levels since the end of 2022. www.elkhabar.com · rtnk.me · tvpljevlja.me · verige.net · lat.sputnikportal.rs · +3 more