European gas price rises above €100 per megawatt-hour

Europe’s benchmark wholesale gas price rose above €100 per megawatt-hour on Wednesday, a level that could add to pressure on energy bills if prices remain high. The oEnergetice price monitor showed the Dutch TTF contract for November delivery at €100.35 in an update marked 16:06 on 28 October. Its previous quoted price was €96.061.

Dutch news agency ANP reported that the price had briefly passed €100 for the first time since December 2022. The monitor confirms a quote above the threshold, but the snapshot does not show how long it lasted or where the contract closed. In a market report the previous week, energy company Vattenfall said the TTF month-ahead contract had reached €90.24 during trading on 20 October before closing at €85.06.

ANP attributed the rise to disruption of liquefied natural gas supplies linked to tensions in the Middle East. Vattenfall had also pointed to low European gas stocks and competition with Asian buyers for LNG. Its report said European LNG imports so far in October were about 8% higher than in the corresponding part of September; that increase does not establish what drove Wednesday’s price movement.

ANP expects sustained high wholesale prices to feed into household bills over time. Wednesday’s intraday quote does not, by itself, show a change in retail tariffs.