The reference price of gas reaches 100 euros per megawatt hour in Europe, a first in four years

The reference price of natural gas continues to increase until it reaches Thursday, October 29, 100 euros per megawatt hour, a first in four years. The cause remains the war in the Middle East between Iran and the United States, which continues to weigh on the production of hydrocarbons, oil and also gas. Traffic in the Strait of Hormuz remains very complicated, very limited and there is fear, in recent days, that the conflict will intensify, which will cause prices to soar.

Also read A decree was published with a view to the release of strategic stocks of diesel to lower prices at the pump As a result, the price of a barrel of oil rose to 117 dollars and on the European market, we exceeded the threshold of 100 euros per megawatt hour for natural gas, we had not experienced such a level since the start of the invasion of Ukraine in 2022, and the energy crisis that followed. To properly measure the impact, since last February, on this European wholesale market, the reference gas price has been multiplied by three. European stocks three-quarters full Bad news as Europe enters winter and approaches this drop in temperatures without having the usual stocks.

Due to the conflict in Iran, they could not be properly supplied this summer. The minimum has been ensured, but the European Union tanks are only 75% full. Last year at the same period, they were on average at 83%.

We must therefore hope that the winter will not be too cold. In the meantime, the consumer will pay more. For several months now, gas bills have been increasing.

In September, but also in October, there have already been increases of more than 5% each time, and it is not over: from November 1, the reference price will once again increase by more than 6%. This winter, if there is even less gas on the world market and demand is still strong in Europe, but also in Asia, prices will continue to rise.

Machine-translated from French