Key facts
- Europe's benchmark natural gas price at the Dutch TTF rose 2% to $86.90 per megawatt-hour.
- This price is the highest since the 2022-2023 crisis and surpasses January 2023 levels.
- European gas storage levels are below 70%, compared to 82% at the same time in 2025 and a five-year average above 80%.
- The Middle East crisis has disrupted LNG supply and increased competition for global LNG cargoes.
- Asia's spot LNG price also surged last week to its highest level since 2022.
Europe's benchmark natural gas prices surged 2% on Tuesday morning in Amsterdam, reaching their highest level since the 2022-2023 crisis, as geopolitical tensions in the Middle East exacerbate supply concerns and intensify the race to fill winter storage.
The front-month price at the Dutch Title Transfer Facility (TTF) hit $86.90 per megawatt-hour (74.820 euros), surpassing levels seen in January 2023 when Europe navigated its first winter without significant Russian pipeline gas.
Last week marked the fourth consecutive weekly gain for European gas prices, with the re-escalation of conflict in the Middle East diminishing hopes for normalized LNG flows from the Strait of Hormuz. Current gas storage levels across Europe are below 70%, significantly lower than the 82% recorded for this time in 2025 and the five-year average of over 80%.
Analysts at Timera Energy noted that European and Asian gas prices have rallied as the market adapts to a more prolonged disruption in LNG supply, with Europe actively pricing to outcompete Asia for available LNG cargoes. Intelligence firm Kpler's principal insight analyst for LNG, Go Katayama, warned of a potential global 'fight for fuel,' especially if the upcoming winter proves colder than anticipated. Asia's spot LNG price also surged last week to its highest point since 2022, reflecting this heightened competition.