European gas prices cross €100 a megawatt-hour for the first time since 2022

Dutch TTF gas contract, Wednesday

100.37 € per MWh

Europe's benchmark Dutch TTF contract traded at €100.37 per megawatt-hour on Wednesday, up over 4% on the day. It was around €32 before the Iran war began in late February.

EU gas storage stood at 75% on Oct 21, short of the usual 90% target for Nov 1. The EU's energy chief said Europe faces another energy crisis and a difficult winter.

Why it matters

The war has cut LNG shipments, mainly from Qatar, and the US now supplies roughly 30% of the EU's gas. Industries that use gas as a raw material have begun cutting output.

And us?

The EU and Canada are exploring a long-term LNG deal, according to a draft statement for their summit in Montreal on Thursday and Friday.