- European wholesale gas prices reached €97 per megawatt-hour on Oct 26, 2026, the highest level since 2022.
- Traders priced in stronger heating demand as temperatures across Europe fell.
- The rally reflects fears over Europe's supply this winter and the Middle East conflict.
- The article cites reports of US-Israeli plans to strike Iran as a driver of fears over further Middle East supply disruptions.
- The UK's month-ahead gas contract also rose.
Quotes
“European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this winter and the conflict in the Middle East.”
“Jump fuelled by fears of further Middle East supply disruptions amid reports of US-Israeli plans to strike Iran”