Gas Prices Rise As Europe Struggles To Refill Storage
Europe's natural gas storage facilities are currently 61.6% full, compared with 74% during the same period last year.
According to Gas Infrastructure Europe (GIE), natural gas prices in Europe have risen by as much as 5% amid low storage levels and supply disruptions. At the Netherlands' TTF hub, the price of natural gas has reached €68.36 per megawatt-hour.
Analysts say the increase has been driven by storage levels remaining below those of last year, as well as the risk of further supply disruptions. They warn that if storage levels remain low natural gas prices could rise sharply between November and March.
The European Union aims to increase gas storage levels to 80% by December 1. However, ongoing disruptions to supplies are expected to make it more difficult to achieve this target.
The US-Iran war is also negatively affecting gas supplies to Europe from countries in the Middle East.
Fatih Birol, Executive Director of the International Energy Agency (IEA), said Europe could face serious risks this winter due to supply disruptions in the Middle East and the suspension of liquefied natural gas (LNG) supplies from Russia.
According to research and consulting firm Wood Mackenzie, historically low natural gas storage levels in Europe pose a risk to the security of supply during the winter of 2026–2027.
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