European gas prices hit highest level since 2022 amid winter supply fears

European natural gas prices have surpassed €86 per megawatt-hour, reaching approximately €86.2 (about $96.3) according to the benchmark TTF index, marking the highest level since the winter of 2022.

This increase is driven by several factors, chiefly ongoing geopolitical tensions and supply disruptions, as well as attacks on gas tankers in the Strait of Hormuz amid the ongoing conflict.

Meanwhile, gas storage levels in European Union countries have dropped to around 71.5%, compared to the usual seasonal average of 92%.

Market concerns in Europe have intensified as winter approaches and reliance on liquefied natural gas grows, heightening anxiety over securing adequate supplies during the coming colder months.