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European benchmark gas price touches €100 for first time since December 2022 - Finance news and analysis from Global Banking & Finance Review
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European benchmark gas price touches €100 for first time since December 2022

Published by Global Banking & Finance Review

Posted on October 28, 2026

2 min read

· Last updated: October 28, 2026

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European Gas Price Hits €100 Per Megawatt Hour as Supply Tightens

European Gas Market Faces Rising Prices Amid Supply Disruptions

By Nina Chestney

Benchmark Gas Contract Reaches New High

LONDON, Oct 28 (Reuters) - Europe's benchmark natural gas contract briefly touched €100 per megawatt hour (MWh) for the first time since December 2022 on Wednesday, as disruptions to Middle East shipping of liquefied natural gas keep supply tight ahead of winter.

The Dutch front-month contract at the TTF hub briefly traded at €100 per MWh at around 1335 GMT, up around 4% from the previous session, data from the Intercontinental Exchange showed.

Impact of Middle East Conflict on Gas Prices

Prices have been rising to 2022 highs as the conflict in the Middle East has escalated, and are now trading at around triple pre-Iran war levels.

Consequences for European Households and Industries

European households and industries are already feeling the pinch of high energy prices this year as the US-led war on Iran has raised costs for oil, transport fuels, gas, electricity and food. Analysts and industry forecasters foresee at least another year of high gas prices even if the war is resolved and winter proves mild, as Europe will need to restock gas storage reserves depleted to record lows.

Effects on Consumer Bills and Industrial Output

High wholesale gas prices are filtering through to consumer gas and power bills, with natural gas-fired plants typically setting the price for electricity during the periods of highest demand.

Some companies in industrial sectors which use gas as a feedstock, such as fertiliser, chemicals and steel manufacturing, have already cut output.    

(Reporting by Nina Chestney and Nora Buli; Editing by Emelia Sithole-Matarise)

Key Takeaways

  • TTF front‑month gas price reached €100/MWh around 13:35 GMT on October 28—highest since December 2022, ~4 % up on prior day (Reuters + ICE data)
  • Shipping disruptions through the Strait of Hormuz cut c.20 % of global LNG supply, delaying market rebalancing and driving persistent volatility (IEA, ACER)
  • EU gas storage was historically low—around 75 % by October 21, below nine‑year average. High wholesale prices are translating into elevated power and industrial costs

References

Frequently Asked Questions

Why did European gas prices reach €100 per MWh?
Gas prices rose due to supply concerns from Middle East LNG disruptions and rising tensions, tightening supply ahead of winter.
When was the last time European gas hit €100 per MWh?
The last time prices reached this level was in December 2022.
How do higher gas prices impact European consumers and industries?
High gas prices increase consumer energy bills and force some industries, like chemicals and steel, to reduce output.
What factors might keep gas prices elevated in Europe?
Analysts expect prices to remain high due to depleted storage reserves and ongoing geopolitical risks.

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