By Boluwatife Oshadiya | October 28, 2026
Key Points
- European benchmark gas prices rise to €95.65 per megawatt-hour, their highest level since December 2022, according to the supplied report
- LNG flows from the Persian Gulf remain approximately 80% below year-earlier levels amid the reported regional conflict
- EU gas storage stands at 74.6% as some countries begin withdrawing supplies ahead of winter
Main Story
European natural gas prices have risen amid concerns about disrupted liquefied natural gas supplies from the Middle East and below-average storage levels ahead of winter, increasing the region’s exposure to further supply shocks.
The November futures contract at the Dutch Title Transfer Facility (TTF), Europe’s benchmark gas hub, was reported to have settled at €93.85 per megawatt-hour on Friday before rising 1.9% to €95.65 per megawatt-hour in subsequent trading. The supplied report identifies €95.65 as the highest level since December 2022.
LNG shipments from the Persian Gulf, which accounted for approximately one-fifth of global LNG supply before the reported conflict, remain largely disrupted. The report puts flows at around 80% below year-earlier levels.
Data from Gas Infrastructure Europe (GIE) show that gas storage facilities across European Union countries were 74.6% full. Some countries have begun drawing on stored supplies as temperatures fall, adding pressure to inventories before the winter heating season.
Storage levels below historical averages leave Europe with less capacity to absorb further supply disruptions or a sharp increase in heating demand. If supply constraints persist while consumption rises, buyers could face greater competition for available gas, potentially sustaining upward pressure on prices.
The supplied material links the price increase to escalating military conflict in the Middle East but does not include a direct statement from a European energy regulator, gas supplier or market analyst. The timing of the quoted price movement and the storage data should also be checked against the original market sources before publication.
What’s Being Said
GIE’s reported storage data indicate that EU facilities were 74.6% full. The supplied report also describes substantial disruption to Persian Gulf LNG flows, but it provides no direct quotation from GIE, a gas-market operator or an independent analyst explaining the price movement.
What’s Next
- Monitor European storage withdrawals as temperatures fall and heating demand increases.
- Track LNG shipment flows from the Persian Gulf for evidence of recovery or further disruption.
- Watch subsequent TTF futures prices for signs of whether supply concerns continue to drive the benchmark higher.
Bottom Line
The Bottom Line: Europe faces a tighter supply buffer when it needs to build confidence in winter energy security. The combination of disrupted LNG flows and storage below historical averages leaves prices more exposed to changes in supply and heating demand.
