European Gas Remains Near Multi-Year Highs

2026-09-11 02:15 By Judith Sib-at 1 min. read

European natural gas prices fell below €81/MWh on Friday but remained near their highest level since December 2022, amid persistent disruptions to LNG supplies from the Persian Gulf.

Fighting between the US and Iran has intensified over the past two weeks, centering on who controls the Strait of Hormuz.

The ongoing blockade has already disrupted around 20% of global LNG flows, primarily affecting shipments from Qatar.

Europe has struggled to rebuild its depleted inventories, with storage sites around 67% full, below historical norms.

While the European Commission said there's no immediate risk to gas security this winter, a sustained disruption to Gulf LNG supplies could further tighten global supply and force Europe to compete more aggressively with Asia and other buyers for alternative cargoes, potentially driving prices even higher as heating demand begins to increase.

Despite Friday's decline, European gas prices are still over 11% higher this week, marking their fifth weekly gain.



News Stream
European Gas Remains Near Multi-Year Highs
European natural gas prices fell below €81/MWh on Friday but remained near their highest level since December 2022, amid persistent disruptions to LNG supplies from the Persian Gulf. Fighting between the US and Iran has intensified over the past two weeks, centering on who controls the Strait of Hormuz. The ongoing blockade has already disrupted around 20% of global LNG flows, primarily affecting shipments from Qatar. Europe has struggled to rebuild its depleted inventories, with storage sites around 67% full, below historical norms. While the European Commission said there's no immediate risk to gas security this winter, a sustained disruption to Gulf LNG supplies could further tighten global supply and force Europe to compete more aggressively with Asia and other buyers for alternative cargoes, potentially driving prices even higher as heating demand begins to increase. Despite Friday's decline, European gas prices are still over 11% higher this week, marking their fifth weekly gain.
2026-09-11
European Gas Rises Above €80 Amid Supply Worries
European natural gas prices rose above €81/MWh on Thursday, the highest level since December 2022, amid rising concerns over the region’s gas supply outlook. European gas inventories remain below historical norms as escalating attacks in the Middle East continue to disrupt LNG shipments through the Strait of Hormuz, a critical route handling roughly 20% of global gas flows, mainly from Qatar. In the latest development, Iran said it had struck more than a dozen vessels attempting to pass through the strait and warned that it would step up attacks if Washington continued strikes on its territory, heightening fears of deeper and more prolonged supply disruptions. Meanwhile, maintenance in Norway and lower Algerian flows to Italy are also limiting pipeline supplies to Europe. These supply risks come as Europe nears the end of its summer storage injection season, threatening to further intensify competition for global gas supplies during the winter.
2026-09-10
European Gas Extends Rally as Middle East Hostilities Continue
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.
2026-09-09