Gas: November TTF hits 100 euros per MWh for the first time since 2022
(Il Sole 24 Ore Radiocor) - European gas prices have returned to the 100-euro-per-megawatt-hour mark for the first time since 2022. In Amsterdam, the TTF contract for November delivery has hit the 100-euro-per-MWh mark, continuing the rally seen in recent trading sessions and reaching its highest levels since the energy crisis four years ago. Prices are currently hovering around 100.1 euros, up by more than 4 per cent. The main driver behind the price rise is the worsening outlook for supply ahead of winter. European storage facilities are approximately 75 per cent full, according to the EU Agency for the Cooperation of Energy Regulators (ACER). These are exceptionally low levels for this time of year, whilst the arrival of colder temperatures is increasing expectations of demand for heating. Furthermore, the geopolitical premium linked to the Middle East and the Strait of Hormuz remains high.
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