European natural gas prices surpass 80 euros per megawatt-hour for the first time in over three years

European natural gas prices have surpassed €80 per megawatt-hour for the first time in more than three years. Persistently high prices could further fuel inflation and put Europe at risk of a broader crisis. Benchmark natural gas futures once rose by 6.8% to €80.98 per megawatt-hour, reaching the highest level since January 2023. Although prices remain far below the peaks seen during the energy crisis, they have more than doubled since the outbreak of the Middle East war. As winter demand is expected to rise, the risk of further pressure on natural gas prices is increasing and could develop into a broader economic issue.