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
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
