European gas prices near highest level since 2022 — OilPrice
European natural gas prices remain near their highest levels since late 2022 due to limited supplies of liquefied natural gas, including from Qatar, and lower levels of EU gas storage filling ahead of the winter season. OilPrice reports.
TTF price remains near highs
The next-month gas contract at the Dutch Title Transfer Facility hub, the benchmark for the European market, fell by 1% as of 09:00 Amsterdam time on October 15, 2026. At the same time, the price stood at 86.03 euros, or $96.56, per megawatt-hour.
At these quotations, gas in Europe was trading at its highest level since December 2022. At that time, the region was experiencing its first winter without most pipeline supplies of Russian gas.
Stocks below the average level
According to Gas Infrastructure Europe, as of October 14, EU gas storage facilities were 74% full. This is below the five-year average of about 86% for this time of year, as the start of the heating season approaches.
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ING's head of commodities strategy, Warren Patterson, noted that the recovery of LNG flows from the Persian Gulf is not taking place at the same pace as the recovery of oil flows. According to him, LNG supplies from the Middle East remain about 80% lower than last year.
Patterson believes that the market is increasingly factoring in the absence of a significant share of Persian Gulf LNG from the global market for most of the winter in the Northern Hemisphere. Under this scenario, Europe and Asia will continue to compete for spot LNG cargoes, which will support gas and spot LNG prices.
Risk of a spike at the end of winter
Consulting firm Timera Energy, in its forecast for the winter of 2026–2027, pointed to the risk of a sharp rise in prices at the end of the season if stocks in Europe decline significantly. Its scenario envisages the closure of the Strait of Hormuz until the end of 2026 and its gradual reopening in the first quarter of 2027.
