Europe's Gas Prices Soar to 79 Euros per MWh Amid LNG Squeeze

European gas prices have reached a new high of 79 euros per megawatt-hour (MWh), marking the highest level since 2023. This surge comes as market participants brace for a prolonged liquefied natural gas (LNG) squeeze, which is expected to further exacerbate supply constraints.

The current price represents a 4% increase from the previous level and has not been seen since 2023. The rise in prices reflects growing concerns over the impact of a prolonged LNG squeeze on European energy costs.

Industry experts are now weighing in on the potential effects of this price spike on European industrial competitiveness and manufacturing output in the coming quarters, as well as the specific geopolitical or logistical factors driving the anticipated prolonged LNG squeeze.