EU Natural Gas Extends Rally

2026-03-04 07:34 By Judith Sib-at 1 min. read

European natural gas futures rose more than 4% to above €56/MWh, extending their rally to hit an over three-year high.

Prices have surged 60% over the past two days following the shutdown of Qatar's LNG facilities and the closure of the Strait of Hormuz amid rising tensions in the Middle East.

Uncertainty over the timeline for restoring production at QatarEnergy’s Ras Laffan plant, the world's largest LNG export hub, has heightened fears of a supply shortfall, particularly as the Strait’s closure has also constrained shipments from other major producers in the region.

Meanwhile, President Trump said on Tuesday that the US would insure and accompany ships passing through the Gulf if needed, though key details of this plan remain unclear.

These ongoing disruptions are placing additional strain on Europe’s already depleted winter gas storage, raising concerns about summer restocking.



News Stream
European Gas Prices Hover Near Peak Levels
European natural gas prices eased to €97 per megawatt-hour on Thursday after reaching €100 in the previous session, the highest level since December 2022. The recent rally has been driven by rising heating demand, low gas reserves in Europe, and concerns about a renewed escalation in the Middle East conflict. Prices have more than tripled since the outbreak of the war, as disruptions to shipments through the Strait of Hormuz halted LNG deliveries from several sources, primarily Qatar. This has left the region scrambling for alternatives and hampered efforts to refill storage over the summer. European gas storage facilities were about 75% full as of October 28, significantly below historical levels. Meanwhile, forecasts of colder weather across northwestern Europe in the coming days could boost heating demand, while potential cold snaps in parts of Asia may further intensify competition for available cargoes.
2026-10-29
European Natural Gas Prices Hit €100
European natural gas prices climbed toward €100 per megawatt-hour, their highest level since December 2022, as the heating season approaches with unusually low inventories and growing geopolitical risks. EU storage facilities were less than 75% full on October 28, compared with a five-year average of around 86%. Inventories stood at approximately 849 TWh, roughly 100 TWh below last year’s level, increasing the need for additional imports to rebuild reserves. Storage levels varied significantly, with Germany at 61.65% and the Netherlands at 65.53%, while France and Italy were better positioned at 87.34% and 90.77%, respectively. Meanwhile, forecasts for colder weather across Europe and parts of Asia could lift heating demand and intensify competition for LNG cargoes. Supply concerns intensified after reports that the US told several Persian Gulf countries to be prepared for a short, intense military campaign after the midterm elections.
2026-10-28
Natural Gas EU traded above 100 EUR/MWh
Natural Gas EU rose above 100, according to trading on a contract for difference (CFD).
2026-10-28