Europe’s gas market revisits a crisis-era price level

European wholesale gas briefly climbed above €97 per megawatt-hour—about $108—its highest level since 2022. The move reflects traders paying more to secure fuel for the colder months, worried that winter demand could put pressure on supplies. This is a wholesale benchmark, not an instant household bill: utilities often buy ahead, and retail prices move under separate contracts. But if gas stays near this level, it would raise costs for power producers and industry, with a risk of later feeding into consumer prices and inflation.