European gas price crosses €100 for first time since 2022 as EU warns of new crisis

European natural gas prices reached €100.37 per MWh on Wednesday afternoon, up more than 4% that day and reaching their highest level since December 2022, hours before EU Energy Chief Dan Jorgensen said the bloc was facing a new energy crisis and a tough winter. Before the Iran war began in late February, prices were around €32, euros, although they remain below the record high of 340 reached in August 2022. The Commission also sees the worldwide diesel market staying tight well into 2027, keeping energy prices high. Meanwhile, European gas supply is currently tight. Disruption to liquefied natural gas shipments caused by the Iran war has cut off supplies from several sources, mainly Qatar. EU gas storage stood at 75% in October, according to the EU Agency for the Cooperation of Energy Regulators, well short of the bloc's usual target of 90% by November 1. ACER estimated the war has increased Europe's bill for gas imports by between €18 billion and €33 billion. The bloc and Canada are exploring a long-term LNG deal. according to a draft statement for their summit in Montreal on Thursday and Friday, seen by Euronews.