European Gas Extends Rally as Middle East Hostilities Continue

2026-09-09 02:07 By Judith Sib-at 1 min. read

European natural gas prices climbed to €80/MWh on Wednesday, extending gains for a fourth session to their highest level since December 2022, as continuing strikes in the Middle East heightened concerns over further supply disruptions.

The US military said it destroyed five Iranian oil tankers near Kharg Island on Tuesday in response to attacks on its warships, while Tehran retaliated against US targets in Jordan.

Iran-backed Houthi militants in Yemen also launched drones and missiles at energy facilities in southern Saudi Arabia.

These underscored mounting challenges to restoring normal commercial traffic through the Strait of Hormuz.

The sustained disruptions have forced Qatar to suspend shipments and extend force majeure on cargoes to Europe and Asia through autumn.

The reduced LNG deliveries have slowed European storage injections, with gas inventories remaining below the seasonal average, leaving the market increasingly vulnerable as the winter heating season approaches.



News Stream
European Gas Prices Hover Near Peaks
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EU Natural Gas Prices Remain Near Multi-Year Highs
European natural gas prices fell below €86 per megawatt-hour on Wednesday but remained near their highest levels since 2022, as Middle Eastern LNG exports remained constrained and gas storage levels were still low. Although countries including the US, Canada, and Nigeria have increased LNG exports, curtailed supplies from the Persian Gulf has intensified competition for spot cargoes, limiting availability for Europe and making it harder for the region to rebuild inventories. Europe’s gas storage facilities are 73.94% full, still below historical averages. Forecasts of colder-than-usual weather, particularly in Central Europe, could drive up heating demand and prompt earlier withdrawals from storage. Meanwhile, unplanned outages at Norwegian gas infrastructure have also reduced pipeline export capacity to Europe. With low gas storage levels and uncertain Gulf supplies, Europe faces the risk of sharp price increases if a severe cold snap hits this winter.
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