The European natural gas futures price is approaching 100 euros, a first since 2022.

European natural gas futures have risen above 97 euros per megawatt-hour, a level not seen since 2022, due to supply uncertainties ahead of winter and escalating conflicts in the Middle East. The Dutch TTF price increased by 3.2%, continuing last week's trend. With colder weather expected, traders anticipate higher heating demands. Europe faces competition for gas shipments from Asian buyers, further driving prices up. Since the 2022 energy crisis, Europe has relied heavily on liquefied natural gas (LNG), which has fluctuating availability. EU gas storage is currently about 75% full, the lowest for this time of year since 2009, while Germany's storage is just over 61%. Although prices are still below previous crisis peaks, the increase could raise inflation and slow economic growth, reflected in rising electricity prices.