European gas prices climb to highest level since early 2023
Dutch TTF gas futures traded near 83 euros per megawatt-hour, their highest since early 2023, as Middle Eastern LNG exports stay sharply curtailed. Buyers in Asia and Europe are turning to cheaper coal ahead of winter.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Dutch TTF gas futures traded around 83 euros per megawatt-hour, their highest level since early 2023, after a brief September dip to about 70 euros. Middle Eastern LNG exports remain badly disrupted, with flows through the Strait of Hormuz still more than 75% below pre-war levels. Coal, roughly 80% cheaper than LNG, is drawing Asian and European buyers who are increasing imports ahead of winter.
Why it matters
The shortage of LNG is pushing European and Asian buyers toward coal ahead of winter. Gas prices are at multi-year highs as supply stays constrained.
Timeline
- Oct 12, 1:00 PM ET: Dutch TTF gas futures traded around 83 euros per megawatt-hour, the highest since early 2023, after a short September pullback to about 70 euros.
- Oct 12, 6:00 PM ET: Coal, about 80% cheaper than LNG, prompted Asian and European buyers to plan higher coal imports before winter.
- Oct 13, 6:00 PM ET: Flows of Middle East LNG through the Strait of Hormuz remained more than 75% below pre-war levels.
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