European gas prices soar to four-year high over winter supply fears

AI desk brief

European gas prices jumped to a four-year high as winter supply fears intensified, with wholesale gas at €97/MWh and the UK month-ahead contract up 4% to 240p/therm, its highest since December 2022. Brent briefly touched $117/bbl on Friday and remains above $114/bbl, reinforcing the inflation impulse from energy markets.

The article says Europe enters winter with gas storage about 75% full versus a seasonal average near 80%, while the UK faces especially tight supply and a potential 16% rise in household energy bills in January. For precious metals, the combination of higher energy costs, geopolitical risk and firmer inflation expectations is broadly supportive via real-yield sensitivity.