European gas prices continued to rise on the 28th. The November futures price of Dutch ownership transfer center gas, which is the benchmark price for European gas, broke through 100 euros per megawatt-hour in the intraday market on the same day, for the first time since December 2022. According to market data, the November TTF natural gas futures price rose to 100.75 euros per megawatt hour in the intraday session on the same day. Since this month, the European gas benchmark price has increased by about 40% cumulatively. According to data from the European Gas Infrastructure Association, as of October 26, the gas storage capacity of EU gas storage facilities accounted for about 74.9% of the total capacity, which is significantly lower than the same period in previous years. Among them, Germany and the Netherlands have gas storage rates of about 61.7% and 65.5%, respectively. With the arrival of the winter heating season, pressure on Europe's gas supply is further increasing. Market analysts believe that the war in the Middle East continues to disrupt the Gulf region's liquefied natural gas exports, and the market is worried that the situation in the Middle East may further escalate, causing the region's natural gas supply to continue to decline. Meanwhile, weather forecasts indicate that parts of Europe and Asia may experience colder weather this winter than previous years, and demand for heating gas is under upward pressure. Currently, natural gas stocks in Europe are at a low level, and a combination of factors is likely to further push up natural gas prices.

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