FX.co ★ European Natural Gas Prices Hit €100

European natural gas prices are approaching €100 per megawatt-hour, their highest level since December 2022, as mounting tensions related to the war involving Iran fuel concerns over global supply disruptions. Reports that the US may launch a brief but intensive military campaign after the midterm elections have further increased uncertainty and helped push energy prices higher. Europe is particularly exposed because gas storage is only about 75% full—unusually low for this time of year—while forecasts for colder weather threaten to drive up heating demand. A prolonged conflict could also sharpen competition for liquefied natural gas (LNG), forcing European buyers to pay more to secure cargoes, especially if lower temperatures in Asia spur additional demand. At the same time, the EU has proposed postponing new methane-emissions rules, a move that could ease some future import constraints but is unlikely to have any immediate impact on prices.