European natural gas prices surged past €100 per megawatt-hour on Wednesday for the first time since December 2022, as the benchmark Dutch TTF front-month contract traded at €100.37, up more than 4 percent on the day.

The move comes just ahead of the winter heating season and follows warnings from EU Energy Commissioner Dan Jørgensen that the bloc faces another energy crisis and a difficult winter. Jørgensen noted that fuel bills across the EU are rising sharply.

Storage levels remain below last year's figures, with European reserves at roughly 75 percent full compared with about 83 percent at the same point in 2025. Germany's stocks, the largest in the bloc, stand near 61 percent. Analysts attribute the price jump to a combination of seasonal demand increases, expectations of low wind power generation in northwest Europe, and tighter global LNG supplies linked to the conflict in the Middle East.

Prices had traded around €32 per megawatt-hour before the Iran-related disruptions began in late February. The current level stays well below the 2022 peak near €340 but marks a sharp reversal from earlier 2026 averages and has already pushed up electricity prices in several countries, where gas-fired plants often set marginal costs during peak periods.

Industry groups and consumers face higher costs as a result. The surge has renewed focus on Europe's heavy dependence on imported LNG to replace lost Russian pipeline volumes. Policymakers continue to monitor global supply routes, with limited Qatari exports cited as a contributing factor.

Markets will watch storage injection rates and weather forecasts closely in the coming weeks to gauge whether the €100 level holds or extends higher into November.