European gas prices soar to four-year high over winter supply fears
Summary
European wholesale gas prices reached €97 per megawatt-hour on Monday, their highest level since 2022, as colder weather and concerns about winter supply drove up demand expectations. Europe’s gas storage is about 75% full, and the UK faces high energy costs amid limited storage and reliance on imports.Key Facts
- The UK month-ahead gas contract rose 4% to 240 pence per therm, its highest level since December 2022.
- Reports of possible renewed US and Israeli strikes against Iran after the US midterm elections added to fears of supply disruption.
- Brent crude fell about 2% on Monday but remained above $114 a barrel, after reaching $117 on Friday.
- European gas storage was about 75% full, compared with a seasonal average of around 80%, and was at its lowest level in more than a decade.
- The article links the storage shortfall to slower Qatari exports and increased summer gas use for cooling.
- The UK paid a record £4 billion for power imports in the year ending in August, with half spent on electricity from France, according to the Office for National Statistics.
- UK household energy bills were forecast to rise 16% in January, to about £2,000 for a typical annual bill.
- The Stoxx Europe 600 rose 0.3% and the FTSE 100 rose 0.4% in early Monday trading.
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