Key facts
- Front-month TTF gas rose 2.7% to $96.85 per MWh as of 9:30 a.m. in Amsterdam on Wednesday.
- Prices rebounded from a one-month low of $91.30 per MWh hit earlier in the week.
- QatarEnergy extended force majeure on LNG deliveries until at least the end of December 2026.
- EU gas storage was 72% full as of November 10, below the five-year average, per Gas Infrastructure Europe.
- The IEA said Europe entered the heating season with the lowest gas storage in over a decade.
European benchmark natural gas prices rebounded on Wednesday, November 11, 2026, from the one-month low hit on Tuesday, as uncertainty about the Iran war returned to energy markets. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe's gas trading, rose 2.7% as of 9:30 a.m. in Amsterdam on Wednesday, to $96.85 (87 euros) per megawatt-hour. Prices had fallen to a one-month low of $91.30 (82 euros) per MWh earlier in the week, when oil and gas markets slumped after US President Donald Trump signaled he was not planning another attack on Iran "at this point." Trump noted the US remains "locked and loaded" in case a new military campaign becomes necessary.
On Wednesday, oil prices rose and European gas prices followed as traders grew less optimistic about a peace deal between the US and Iran amid continuing tanker attacks in the Strait of Hormuz. Wednesday's European gas price was well below the four-year high of over 101.82 euros ($114) per MWh at the end of October, but still well above the level a year earlier.
Europe remains in a vulnerable gas supply position ahead of winter, with LNG flows from the Strait of Hormuz still well below pre-war levels. QatarEnergy has extended the force majeure on deliveries until at least the end of December 2026. EU storage sites were 72% full as of November 10, per data from Gas Infrastructure Europe, below the five-year average for the start of the heating season. Storage levels have started to fall as withdrawals began in most EU countries.
The International Energy Agency said in a report last week that the global gas market could remain tight well into next year as Europe enters the heating season with the lowest levels of gas in storage in over a decade.