Europe's Winter Gas Shock: Prices Top €100 and American LNG Becomes Its Lifeline

Benchmark European gas hit its highest level in almost four years this week, storage is at a record seasonal low, and Brussels is warning of another energy crisis. American liquefied natural gas now supplies about 30% of Europe's gas.

By Clara Hughes

Europe is heading into winter with an energy problem it hoped it had left behind. On Friday, the Dutch TTF front-month contract for December delivery, Europe's benchmark, rose 4.9% to €102.78 per megawatt-hour, about $115, its highest level in almost four years, CNBC reported. Two days earlier, the price had traded above €100 for the first time since December 2022, Euronews reported. The rise has been steep. Before the Iran war began in late February, the benchmark traded around €32, according to Euronews. CNBC, citing Trading Economics, reported that prices were up about 36% over the month and roughly 256% for the year. "Once again, due to geopolitical turbulence, Europe faces another energy crisis," EU Energy Commissioner Dan Jørgensen said this week, according to Euronews. "We know that this winter will be difficult for European citizens and for our economy in general." For Americans, the story has a second side. The European Union's energy regulator, ACER, says U.S.