European Gas Prices Remain Elevated Amid Winter Supply Fears

2026-10-28 03:52 By Judith Sib-at 1 min. read

European natural gas prices rose above €97/MWh on Wednesday, hovering at their highest level since late 2022, as concerns mount over the continent’s gas supply for the coming winter and the ongoing conflict in the Middle East.

Reports that the US has told several Persian Gulf nations to prepare for a potential new military campaign against Iran following the US midterm elections have injected a fresh risk premium.

Traders are also monitoring the Israeli election, which could affect the course of the US war with Iran.

The conflict has disrupted LNG supplies from the Gulf, which account for around a fifth of global supply, complicating Europe’s efforts to rebuild inventories.

Gas storage across the region is about 75% full, the lowest for the season in records dating back to 2009.

Meanwhile, temperatures are expected to drop across the continent, potentially driving up heating demand in the coming days.

Unplanned outages in Norway have also added to near-term supply concerns.



News Stream
European Natural Gas Prices Hit €100
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