European gas prices hit 100 euros for first time since 2022

Dutch TTF futures, the European gas benchmark, rose more than 4% on Wednesday to 100.45 euros per megawatt-hour, their highest level since 2022. The increase reflects fears of renewed escalation in the Middle East, including possible US strikes on Iran and retaliation against Gulf energy infrastructure, as well as the need to refill reserves before winter. Prices remain well below the March 2022 peak of 345 euros per megawatt-hour, reached after Russia invaded Ukraine. Europe’s lower gas consumption and greater reliance on renewables may reduce the impact of higher gas prices on electricity bills.