European gas prices hit 2023 high

The price of gas in Europe has risen to its highest level since the beginning of 2023, amid escalating military tensions in the Middle East and the resumption of American and Iranian strikes, making it more difficult to fill storage before winter. The futures contracts for gas via the Dutch TTF index reached 73.85 euros per megawatt/hour, surpassing the previous peak in January 2023. This reflects declining European gas reserves and increased demand due to the hot summer and geopolitical tensions, especially given the lack of alternative routes for exporting liquefied natural gas, with gas prices rising more than oil since the start of the war between the United States and Israel against Iran.

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