European gas price briefly touches €100 for first time since 2022 energy crisis

As of 12:54 p.m. ET, Wednesday, Oct. 28, 2026

Europe's benchmark natural gas price briefly touched €100 per megawatt hour on Wednesday for the first time since the 2022 energy crisis, Reuters reported, as disruption to liquefied natural gas shipping from the Middle East keeps supply tight ahead of winter.

The Dutch front-month contract at the TTF hub briefly traded at €100 per MWh at around 1335 GMT (9:35 a.m. ET), up about 4% from the previous session, Reuters reported, citing Intercontinental Exchange data.

Prices are now around triple their levels before the Iran war, Reuters reported.

Power prices and storage

High wholesale gas prices are feeding into power prices. The German front-year baseload power contract rose 1.7% to 159.30 euros per MWh, its highest since June 2023, while the French equivalent was at a near two-year high of 122.50 euros, Reuters reported.

Europe has entered the heating season with gas storage nearly 75% full, and Germany's at around 60%, significantly below last year, according to Reuters.

"Once again, due to geopolitical turbulence, Europe faces another energy crisis," EU Energy Commissioner Dan Jørgensen told reporters in Brussels on Wednesday morning, before prices crossed €100, Euronews reported.

Energy-intensive sectors such as chemicals, fertilizers and steel are hit immediately because many buy at or near wholesale prices, while most of the impact on household bills will come in 2027 because retail contracts lag wholesale prices, Reuters reported.