European gas prices soar to four-year high over winter supply fears

European wholesale gas prices reached their highest level since 2022 as colder temperatures and concerns about winter supply increased. Storage was reported below its seasonal average, while UK household energy bills were forecast to rise in January.

• European wholesale gas prices reached €97 per megawatt-hour on Monday; the UK month-ahead contract rose 4% to 240 pence per therm.· 1 source
• European gas storage was about 75% full, compared with a seasonal average closer to 80%.· 1 source
• Typical UK dual-fuel household bills were forecast to rise 16% in January to about £2,000 annually.· 1 source