Europe Gas Jumps 6% to $97.31/MWh as Saudi Pipeline Shutdown Threatens Energy Flows
Updated
Updated · OilPrice.com · Sep 14
Europe Gas Jumps 6% to $97.31/MWh as Saudi Pipeline Shutdown Threatens Energy Flows
3 articles · Updated · OilPrice.com · Sep 14
Summary
$97.31 per megawatt-hour marked Europe’s benchmark TTF gas price early Monday, up 6% and above January 2023 levels at the highest since the 2022-2023 energy crisis.
Saudi Arabia’s shutdown of its East-West oil pipeline over the weekend fueled the surge, as escalating Middle East risks threatened regional energy flows and deepened concerns over disrupted Qatari LNG supply.
European prices were already climbing after five straight weekly gains, with storage sites still below 70% full versus 82% a year earlier and a five-year average above 80%.
Asia’s spot LNG price also hit its highest since 2022 last week, underscoring a widening scramble for alternative cargoes as Europe heads into winter with unusually low inventories.