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Gas price rises to highest level since end of 2022
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Gas price rises to highest level since end of 2022

European natural gas prices reached their highest level since late 2022, with the benchmark TTF contract rising to 89.57 euros per megawatt-hour at the Amsterdam exchange. The price increase, which represents a roughly 25 percent jump since the start of October and a tripling since the beginning of the year, is attributed primarily to attacks on commercial shipping in the Strait of Hormuz. Recent reports indicate that two tankers were hit in the Persian Gulf, disrupting the transport of energy raw materials. Additionally, high demand driven by Germany and other EU nations seeking to fill gas storage reserves ahead of winter has contributed to the upward trend. Germany’s state-owned entity SEFE was instructed in September to procure additional gas, further boosting market demand while current storage levels stand at 61 percent in Germany and 69 percent in Austria.

European natural gas prices hit a multi-year high on Monday, driven by attacks on shipping in the Strait of Hormuz and urgent winter storage efforts. The benchmark TTF contract for one-month delivery rose at the Amsterdam exchange to 89.57 euros per megawatt-hour. This represented an increase of approximately two percent compared to Friday’s close. It marked the highest level recorded since late 2022. Analysts identified strikes on commercial vessels in the Persian Gulf as a primary driver. The British Navy reported that two tankers were hit recently. These incidents have complicated the transport of energy raw materials through the strategic waterway. The upward trend began earlier this month. Prices have climbed by roughly a quarter since the start of October. Over the course of the year, European gas costs have tripled. For comparison, prices previously surged past 300 euros per megawatt-hour at the onset of the war in Ukraine. Current levels remain significantly below that peak, yet they reflect sustained volatility. Storage dynamics further influence market sentiment. Germany and other EU nations are actively working to boost reserves ahead of the heating season. In Germany, the state-owned entity SEFE Securing Energy for Europe received instructions in September to procure additional gas for storage. This directive increased demand and contributed to price escalation. German underground facilities are currently filled to 61 percent capacity. Austrian storage sites stand at 69 percent. Data from Gas Infrastructure Europe shows broader regional trends. As of Thursday, EU-wide storage was 74.10 percent full. This compares to 83.04 percent on the same day last year. Croatian storage reached 81.78 percent capacity on Thursday, up from 66.07 percent in the previous year. Experts anticipate that member states will fill capacities to between 75 and 78 percent by November 1, which marks the end of the filling season. This projection sits about 10 percent below the five-year average. Disruptions in maritime traffic have removed approximately 20 percent of global liquefied natural gas supplies from the market. This reduction has intensified competition among European and Asian buyers for LNG cargoes. Such bidding wars help sustain elevated price levels. The EU typically covers 25 to 30 percent of its winter gas consumption from domestic storage. Consequently, the region relies heavily on pipeline deliveries and LNG imports, particularly from Norway and the United States. Jurij Onishkev, an analyst at LSEG, warned that even if temperatures remain near average, stocks in northwestern Europe could drop to around 20 percent by early April. He noted that a prolonged blockade of the Strait of Hormuz would complicate refilling efforts next year. Onishkev stated that supply risks extend beyond the current winter into the following summer. Additionally, the EU plans to implement a complete ban on Russian LNG imports starting next January. This regulatory change adds another layer of complexity to future procurement strategies. Market participants continue to monitor both geopolitical developments and weather patterns closely.

How this report was made. Objective News wrote this report from 2 source articles, using AI-assisted synthesis under our methodology. It is our own text, not a copy of any single outlet. Read our methodology.

Responsible editor: Matej BašaSpotted an error? Report it

2 reports

oe24 logooe24IndependentCenterFactual 85Objective 80
Gas shock ahead of winter: price soars to record highs

The price of European natural gas has reached another multi-year high, driven by attacks on commercial ships in the Strait of Hormuz and increased efforts to fill gas reserves ahead of winter. The benchmark TTF gas futures contract rose to 89.57 euros per megawatt-hour, a two percent increase from the previous week and the highest level since late 2022. Attacks on tankers in the Persian Gulf have disrupted energy transportation through the strategic Strait of Hormuz, contributing to rising prices. Additionally, Germany and other EU countries are actively working to boost gas storage levels before winter, which has further increased demand and prices. Germany’s state-owned SEFE was instructed in September to secure additional gas for storage, and current filling rates stand at 61% in Germany and 69% in Austria.

Bias read (Center): The article presents factual information about rising gas prices, citing specific economic factors such as attacks on tankers in the Strait of Hormuz and increased gas storage efforts in Europe. It does not exhibit overtly biased language, one-sided sourcing, or editorializing that would indicate a左

Why factuality (85): The article provides specific figures such as the TTF gas price reaching 89.57 Euro/MWh, mentions attacks in the Strait of Hormuz, and references the UK Navy’s reports about tanker strikes. These details align with general consensus from similar reports about rising gas prices due to geopolitical te

Why objectivity (80): The article presents information in a largely neutral manner, focusing on market data and reported events. It avoids overtly biased language but does emphasize the impact of geopolitical factors on energy prices, which may subtly frame the situation as being driven by external conflicts rather than

Salzburger Nachrichten logoSalzburger NachrichtenIndependentCenterFactual: no official source document/info detectedObjective 95
Gas price rises to highest level since end of 2022

European natural gas prices reached their highest level since late 2022, with the benchmark TTF contract rising to 89.57 euros per megawatt-hour at the Amsterdam exchange. The price increase, which represents a roughly 25 percent jump since the start of October and a tripling since the beginning of the year, is attributed primarily to attacks on commercial shipping in the Strait of Hormuz. Recent reports indicate that two tankers were hit in the Persian Gulf, disrupting the transport of energy raw materials. Additionally, high demand driven by Germany and other EU nations seeking to fill gas storage reserves ahead of winter has contributed to the upward trend. Germany’s state-owned entity SEFE was instructed in September to procure additional gas, further boosting market demand while current storage levels stand at 61 percent in Germany and 69 percent in Austria.

Bias read (Center): The article focuses on commodity pricing, supply chain disruptions, and market mechanics rather than partisan politics or electoral issues. While the mention of military actions in the Persian Gulf introduces a geopolitical element, the piece frames these events strictly as economic drivers for gas,

Why factuality: no official source document/info detected

Why objectivity (95): The tone is strictly informational and journalistic. It reports on price movements and cites specific entities (British Navy, SEFE) as sources for the underlying events without injecting editorial opinion or emotional language.

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