European natural gas prices on the main Amsterdam gas exchange reached their highest level since December 2022 this morning, climbing 3.5% in early trading.
Natural gas prices rose above €97 per megawatt-hour (MWh) on Monday morning as conflict in the Middle East continued to drive energy markets higher. Before the outbreak of war in Iran in late February, prices were around €32 per MWh, highlighting the conflict’s impact on energy markets worldwide.
At the start of this month, gas was still trading below €75 per MWh. Previous price spikes were also driven by concerns around the low storage levels ahead of winter.
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Like crude oil, natural gas has surged in recent weeks because of escalating violence in the Middle East.
The latest rise has pushed gas prices to their highest point since the European energy crisis in December 2022, when Russian gas supplies to Europe had almost completely stopped following Russia’s invasion of Ukraine.
During that crisis, gas prices climbed to more than €340 per MWh.
