Market history · Commodities ·
European gas prices reach a record
In late August 2022 the Dutch TTF benchmark for European natural gas hit an all-time high, passing €300 per megawatt-hour on 26 August, S&P Global and Euronews reported, as Europe rushed to fill storage ahead of winter after Russia cut flows. The price was many times its level of a year earlier.
The surge pushed up electricity prices, forced governments to announce emergency support for households and businesses, and the European Securities and Markets Authority later analysed how the August surge affected the market.
Prices fell back substantially in the months that followed as Europe filled its storage, demand fell and imports of liquefied natural gas rose.
The takeaway
In an energy shock, prices can rise several-fold before supply responds, and fall as quickly once it does.
Sources
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