EU Natural Gas Surges 50%

TTF Gas increased to 45.61 EUR/MWh, the highest since March 2025. Over the past 4 weeks, Natural Gas EU gained 37.45%, and in the last 12 months, it decreased 1.39%.

European natural gas futures surged 50% to a one-year high of €47/MWh, extending the sharp rise from the morning as war in the Middle East triggered direct disruption of gas supply to Europe. QatarEnergy suspended the production of liquified natural gas in its Ras Laffan and Mesaieed complexes, responsible for around 20% of global LNG supply, after a drone targeted a water tank at the energy facility. The suspension of supply from Qatar threatens around 15% of LNG imports to the European Union, magnifying tight shipments from an already tight global LNG market, and increasing bidding competition from US sources. Besides the targeted attacks at the LNG facility, LNG carrier operators halted flows of tankers through the Strait of Hormuz, limiting supply from other key Middle Eastern gas producers. The risks are compounded by relatively low EU gas storage levels, currently below 31%, compared with 40% at the same time last year.

European natural gas futures surged more than 22% to above €39/MWh on Monday, nearing their June highs, as mounting disruptions in the Strait of Hormuz raised concerns over global LNG supplies. The rally mirrored broader strength across energy markets after the US and Israel launched a series of strikes on Iran, prompting retaliatory attacks by Tehran against targets in the region. Tanker traffic through the Strait of Hormuz largely stalled, and several shipping companies have begun rerouting vessels away from the narrow passage as a precaution. The strait accounts for roughly 20% of global LNG trade, including key exports from Qatar, which supplies about 15% of Europe’s LNG imports. Any prolonged disruption would likely affect Asian buyers as well and boost demand for US LNG, further tightening the global gas market, with spillover effects for Europe. The risks are compounded by relatively low EU gas storage levels, currently below 31%, compared with 40% at the same time last year.