TL;DR: European gas prices hover near 2022 highs as limited LNG from the Persian Gulf leaves storage at 74% and risk of winter spikes high.
The Details
The front‑month TTF contract traded at $96.56/MWh, the highest level since December 2022. EU gas storage sits at 74% of capacity, well below the five‑year average of 86% for mid‑October. LNG flows from the Middle East are about 80% lower than a year ago, keeping Europe and Asia in fierce competition for spot cargoes. Analysts warn that a colder winter or any new supply disruption could trigger further price spikes.
Watch For
- Unexpected cold snaps in Europe or Asia that could drive demand.
- Any increase in Persian Gulf LNG shipments before the heating season.
- Storage fill rates by the end of November as the winter approaches.
Analyzed by FNXT Experts