EU Natural Gas Prices Rise to 3-1/2-Year High

EU Gas increased to 64.02 EUR/MWh, the highest since March 2026. Over the past 4 weeks, Natural Gas EU gained 56.97%, and in the last 12 months, it increased 93.8%.

European natural gas prices climbed above €64 per MWh on Friday, reaching their highest level since January 2023, as escalating tensions between the US and Iran raised fresh concerns over Europe's LNG supply security. The US carried out its 13th consecutive night of strikes on Iran, while President Donald Trump warned Tehran and its Houthi allies in Yemen of "major military punishment" if further attacks on vessels in the Red Sea take place. European gas prices have surged more than 10% this week and over 45% since the start of July, as reduced LNG flows from the Persian Gulf intensified competition with Asian buyers for available cargoes. At the same time, unusually hot weather across Europe has lifted electricity demand for cooling, increasing gas consumption. Equinor, Europe's largest gas supplier, warned that the region is unlikely to reach its 80% storage target before the heating season, leaving markets more exposed to price volatility.

European natural gas prices rose back above €62 on Friday, hovering at a four-month high, amid concerns over Europe’s LNG supply security as US-Iran fighting intensifies. The US carried out its 13th consecutive night of strikes on Iran, with President Donald Trump warning Tehran and its Houthi allies in Yemen of “major military punishment” if the group launches further attacks on vessels in the Red Sea. EU gas prices have climbed 8% so far this week and surged more than 42% in July so far, as curtailed LNG flows from the Persian Gulf intensified competition with Asian buyers, while hot weather across Europe boosted electricity demand for cooling. These factors are making it more challenging for Europe to replenish its gas storage facilities ahead of winter. Equinor, Europe’s largest gas supplier, said the bloc is unlikely to reach its 80% storage target before the heating season, leaving the market more vulnerable to sharp price swings when colder weather arrives.