Key facts
- European natural gas prices surpassed 101 euros per megawatt-hour on Friday.
- EU gas storage sites were 74.89% full as of October 29, below the five-year average.
- QatarEnergy extended force majeure on LNG deliveries through the end of the year.
- Unplanned outages in Norway are also impacting European supply.
Europe's benchmark natural gas prices surged past 101 euros per megawatt-hour on Friday, marking the first time since the 2022 crisis. The front-month price at the Dutch Title Transfer Facility (TTF) rose 4% amid concerns over escalating Middle East tensions potentially disrupting Qatari and Emirati LNG flows through the Strait of Hormuz. The price was on track for an 8% weekly gain. EU gas storage sites were only 74.89% full as of October 29, below the five-year average for this time of year, with withdrawals beginning in several countries as temperatures drop.