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enchmark European natural gas prices crossed 100 euros per megawatt-hour on Wednesday for the first time since the 2022 energy crisis, following warnings from EU Energy Commissioner Dan Jørgensen of a potential "new energy crisis" and a difficult winter ahead.

The Dutch Title Transfer Facility (TTF) front-month contract, Europe's benchmark gas price, reached 100.37 euros per megawatt-hour at 4:00 p.m. Central European Time, marking a daily gain of over 4 percent.

While prices hovered around 32 euros prior to recent geopolitical escalations in late February, current levels remain well below the record peak of nearly 340 euros per megawatt-hour recorded in August 2022.

Jørgensen told reporters in Brussels that Europeans and the broader economy face a challenging winter as fuel bills across the bloc surge.

The European Commission expects global diesel markets to remain tight through 2027, keeping energy costs elevated. In response, EU officials are pushing to boost output at European refineries, roughly a quarter of which have closed over the past two decades.