European gas tops €90 as Goldman warns prices could reach €150

The TTF European gas benchmark rose above €90 per megawatt-hour on Tuesday, October 20, reaching its highest level since late 2022. Goldman Sachs commodities expert Samantha Dart had warned in late August that prices might need to rise substantially to discourage Asian LNG demand and redirect cargoes toward Europe amid disruptions at the Strait of Hormuz.

The latest move puts the benchmark back near levels associated with the 2022 energy crisis. Dart’s warning identified a potential price threshold of €150 as the level that could come next if European buyers must compete more aggressively for seaborne gas.

The main transmission runs through LNG cargo allocation: higher European prices can improve the incentive for suppliers to divert cargoes from Asian buyers, but they also raise procurement costs for European utilities and industrial consumers. Goldman Sachs is the named institution behind the €150 warning; no individual company is identified as the direct beneficiary or loser in the report.

The path beyond €90 remains uncertain because it depends on the duration of the Strait of Hormuz disruption, Asian demand and the availability of alternative gas supplies. The next markers are whether TTF sustains levels above €90 and whether prices approach the €150 threshold highlighted by Dart.