Markets
European gas prices hit four-year high as winter supply concerns intensify
European wholesale gas prices reached €97 per megawatt-hour, their highest level since 2022, as colder weather increased heating demand and traders worried about further Middle East supply disruption. Storage was about 75% full, below the seasonal average, after weaker Qatari exports and higher summer consumption. Britain faces particular exposure because of limited storage and import dependence; household energy bills are predicted to rise 16% in January to roughly £2,000 for a typical dual-fuel account.
Editorial summary · Publisher article
What matters
- The UK month-ahead gas contract rose 4% to 240p a therm.
- European storage stood near 75%, compared with a seasonal average of about 80%.
- Brent crude remained close to $115 a barrel after retreating from a weekly high.
- Britain paid a record £4bn for power imports in the year to August.
Context & caveats
- The article links prices partly to reports of possible future military action, which remains uncertain.
Why this made the edition
Strong market reporting links a sharp rise in European gas prices to weather, lower storage, Middle East supply fears and structural UK import exposure. It includes concrete prices, storage levels, household-bill implications and grid constraints, making the market development materially relevant to energy costs and the wider economy.
Source material