European gas prices hit three-year peak

European gas prices have risen sharply to reach their highest level in three years, influenced by falling inventories to their lowest seasonal levels and increasing demand as winter approaches, along with growing competition for liquefied natural gas shipments with Asia. The Dutch TTF gas contract increased by 4.4%, reaching approximately €79.21 per megawatt-hour, amid concerns over potential disruptions in Russian gas supplies and heightened Asian demand. European industries are facing rising energy costs, which are impacting their competitiveness and leading to reductions in production or the relocation of operations outside Europe.

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