Dutch TTF futures hit €102.78 amid low European reserves
World
Europe is seeing a sharp jump in natural gas prices right before winter, with rates up 36% this month and an eye-popping 256% since January.
Dutch TTF futures just hit €102.78 per megawatt-hour, almost four years, mostly because reserves are running low.
European gas storage at 75% capacity
Gas storage across Europe is at its lowest point ever for this time of year, sitting at just 75% capacity, as disruptions to shipping through the Strait of Hormuz have hampered efforts to replenish stocks over the summer.
BlackRock estimated the price surge has already shaved about 0.5% off Europe's GDP, while the US barely felt it due to its own energy resources.
If the winter turns out colder than usual, things could get even tougher for both wallets and the economy.