Key facts
- TTF natural gas prices reached nearly 90 euros per megawatt-hour.
- This price is equivalent to $29.50 per million British thermal units (MMBtu).
- EU storage sites were 74% full as of October 21, below the five-year average of 86%.
European benchmark natural gas prices surged on Thursday, nearing 90 euros per megawatt-hour, as escalating Middle East conflict fueled concerns about winter supply amid historically low storage levels. The front-month price at the Dutch Title Transfer Facility (TTF) rose 2.7%, tracking a 3% increase in oil prices. Brent Crude hit a five-month high of $112 per barrel due to fears of further supply disruptions. At $100.84 per MWh, the European gas price is at its highest since December 2022. EU storage sites were 74% full as of October 21, below the five-year average of 86% for this time of year.