EU gas prices hit highest level since 2022

European natural gas prices rose 3.3% to exceed €97 ($108.8) per megawatt-hour for the first time since 2022 as the Middle East conflict continues to threaten supplies.

Intensifying conflict in the Middle East has sharply heightened concerns over winter energy supplies, particularly as liquefied natural gas (LNG) flows from the Persian Gulf — which previously accounted for nearly a fifth of global supply — remain down roughly 80% year-on-year.

European gas futures traded at €97.15 per megawatt-hour as of 0820GMT, up 3.3% from Friday's close and hitting their highest level since December 2022.

Adding to market vulnerability, Gas Infrastructure Europe (GIE) reported EU gas storage facilities at just 74.6% of capacity — well below historical seasonal averages.