European gas prices reach late 2022 high

European gas prices have risen significantly, reaching their highest level since December 2022, due to disruptions in Gulf supply chains and declining gas inventories in Germany. Concerns are also growing over limited liquefied natural gas (LNG) supplies ahead of winter. The Dutch TTF futures price reached €86.19 per megawatt-hour, marking an increase of 2.17%. Meanwhile, European gas inventories remain low, with a fill rate of just over 73.75%, which is below the average of previous years, and Germany’s inventories have dropped substantially to around 60%. These tensions have coincided with a decline in oil prices, with Brent crude slipping to $104.60 per barrel, as the market hesitates to fully absorb the impact of recent agreements.

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