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Eni trading chief says gas prices unlikely to revisit 2022 highs - Finance news and analysis from Global Banking & Finance Review
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Eni trading chief says gas prices unlikely to revisit 2022 highs

Published by Global Banking & Finance Review

Posted on October 29, 2026

2 min read

· Last updated: October 29, 2026

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Eni Head: Gas Prices Unlikely to Reach 2022 Peaks Even Amid Current Crisis

Current Gas Market Dynamics and Price Outlook

MILAN, Oct 29 (Reuters) - The head of trading at Italian energy group Eni does not expect natural gas prices to return to the peaks reached in 2022, when Russia slashed supplies to Europe, despite the latest surge driven by the war involving Iran.

Recent Price Movements and Contributing Factors

Supply disruptions in the Middle East and low gas storage levels in Europe have pushed prices higher, particularly in Europe. The benchmark Dutch TTF gas contract touched €100 ($111.47) per megawatt hour on Wednesday for the first time since December 2022.

Comparison to 2022 Energy Crisis

That remains well below the peak of the 2022 energy crisis, when the TTF contract climbed above €300 per MWh after Russia's invasion of Ukraine.

Expert Insights from Eni

Market Differences Between 2022 and Present

"Today's situation is different ... We believe it is difficult that prices will return to the levels seen in 2022," Eni's Director Global Portfolio and Trading, Stefano Pujatti, said.

Global vs. Regional Impacts

Pujatti said the current crisis affects the global gas market rather than Europe alone, with liquefied natural gas cargoes able to be redirected around the world. He also said markets expect conditions in the Middle East to stabilise eventually.

Infrastructure Developments

Europe's regasification capacity has also increased significantly in recent years, he added, which should help limit further price rises at the Dutch TTF hub.

Additional Information

($1 = 0.8971 euros)

(Reporting by Francesca Landini. Editing by Mark Potter)

Key Takeaways

  • TTF gas hit €100/MWh in late Oct 2026 — far below 2022's €300+ peaks
  • Europe’s gas storage was just 75% full as of October 21, below the 9‑year average, tightening supply
  • EU LNG regasification capacity has grown (~8% in 2025) and EU has ~1,600 TWh winter LNG regas capability (~145 bcm), boosting flexibility

Frequently Asked Questions

Will natural gas prices return to the 2022 highs?
According to Eni's trading chief, it is unlikely that natural gas prices will reach the peaks seen in 2022.
What caused the previous high in European gas prices?
The 2022 high in gas prices was driven by supply cuts from Russia following its invasion of Ukraine.
How have recent events impacted gas prices?
Supply disruptions in the Middle East and lower European storage have pushed prices higher, but not to 2022 levels.
How has Europe's gas infrastructure changed since 2022?
Europe's regasification capacity has increased, helping to limit further price spikes at hubs like the Dutch TTF.
Is the current gas supply crisis limited to Europe?
No, the current crisis affects the global gas market due to the ability to redirect LNG cargoes worldwide.

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