European gas prices spiked last year
Gas prices continue to burden European industry
Almost a year-and-a-half after Russia invaded Ukraine, elevated gas prices continue to impact the competitiveness of European industry, especially relative to the US
European gas prices spiked last year, as the continent attempted to replace Russian pipeline volumes with LNG shipments following Russia’s invasion of Ukraine. Gas prices climbed from around €70/MWh (equivalent to $22.4/mBtu) to top €330/MWh ($106/mBtu) in August last year, before falling again to hover at just above €30/MWh ($9.60/mBtu) recently. Henry Hub gas prices, on the other hand, rose from around $4.50/mBtu before the war to reach $9/mBtu in August 2022, and retreated to approximately $2.50/mBtu in July 2023. But even after prices have eased, European gas consumers—in particular industrial users—remain disadvantaged. Gas prices are a critical factor in the competitiveness of many ind
Also in this section
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
20 January 2026
As the global energy system undergoes its most profound transformation in a century, the need for credible leadership, practical solutions and inclusive dialogue has never been greater. In 2026, the Kingdom of Saudi Arabia will stand at the centre of this conversation as host of the 25th WPC Energy Congress in Riyadh.
