European Gas Prices Fall After Sharp Rise

2026-10-01 03:22 By Judith Sib-at 1 min. read

European natural gas prices fell below €72/MWh on Thursday after rising over 4% the previous day, as traders continue to monitor Middle East developments and the bloc’s gas storage levels ahead of winter.

Since the start of the year, Europe’s gas prices have risen 157% as uncertainty over the reopening of the Strait of Hormuz continues to affect gas markets, with US-Iran talks remaining deadlocked.

European gas storage is around 71% full, well below the five-year seasonal average of 87%, while Germany’s inventories are just above 57%.

While some Gulf LNG cargoes have transited the strait in recent weeks, volumes remain too low to materially ease global supply tightness.

QatarEnergy has extended force majeure on LNG deliveries to Italy’s Edison until December, while Pakistan's supply arrangements have been extended into November.

However, softer Chinese LNG demand offers some relief, with imports expected to fall for a second month, potentially freeing up cargoes for European buyers.



News Stream
European Gas Prices Fall After Sharp Rise
European natural gas prices fell below €72/MWh on Thursday after rising over 4% the previous day, as traders continue to monitor Middle East developments and the bloc’s gas storage levels ahead of winter. Since the start of the year, Europe’s gas prices have risen 157% as uncertainty over the reopening of the Strait of Hormuz continues to affect gas markets, with US-Iran talks remaining deadlocked. European gas storage is around 71% full, well below the five-year seasonal average of 87%, while Germany’s inventories are just above 57%. While some Gulf LNG cargoes have transited the strait in recent weeks, volumes remain too low to materially ease global supply tightness. QatarEnergy has extended force majeure on LNG deliveries to Italy’s Edison until December, while Pakistan's supply arrangements have been extended into November. However, softer Chinese LNG demand offers some relief, with imports expected to fall for a second month, potentially freeing up cargoes for European buyers.
2026-10-01
European Gas Prices Remain at 1-Month Low
European natural gas prices hovered around €69 per megawatt-hour, a one-month low, with traders continuing to monitor the bloc’s winter supply outlook. Prices were on track for a modest monthly decline but were up about 60% in the third quarter. Europe is scrambling for supply to replenish gas reserves ahead of winter, with storage facilities around 71% full, well below the five-year seasonal average of 87%, while Germany’s sites were just above 57%. The supply outlook remains particularly uncertain as disruptions to LNG shipments linked to difficulties navigating the Strait of Hormuz continue to pose risks to European imports. QatarEnergy has extended force majeure on LNG supplies to Italy’s Edison until December, while Pakistan’s supply arrangements have been extended into November as shipping disruptions persist. However, softer Chinese LNG demand has eased some pressure on the global market, with imports set to decline for a second consecutive month.
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