German natural gas futures fell more than 4% toward €33 per megawatt-hour, as comments from Donald Trump about a possible limited strike on Iran eased fears of major disruption to LNG flows through the Strait of Hormuz. Markets had been concerned that escalating tensions could threaten shipments via the strait, a key route for roughly 20% of global LNG exports, including volumes from Qatar. Despite reports of military drills by Iran and a US buildup in the region, traders appeared to price in a lower risk of immediate supply interruption. Additional pressure came from milder weather forecasts, steady Norwegian flows despite outages and stronger renewable generation in Germany. However, inventories in the European Union remain low at around 32%, with German storage below 22%.

German Gas fell to 33.29 EUR/MWh on February 20, 2026, down 4.11% from the previous day. Over the past month, German Gas's price has fallen 15.52%, and is down 30.69% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Germany Natural Gas THE reached an all time high of 58.86 in February of 2025. This page includes a chart with historical data for Germany Natural Gas THE. Germany Natural Gas THE - data, forecasts, historical chart - was last updated on February 23 of 2026.

German Gas fell to 33.29 EUR/MWh on February 20, 2026, down 4.11% from the previous day. Over the past month, German Gas's price has fallen 15.52%, and is down 30.69% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Germany Natural Gas THE is expected to trade at 33.78 EUR/MWh by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 38.19 in 12 months time.



Price Day Month Year Date
UK Gas 76.93 -0.7189 -0.93% -16.19% -30.53% Feb/23
Ethanol 1.73 0.0225 1.32% 9.18% -5.48% Feb/20
Naphtha 567.73 3.23 0.57% 7.00% -13.27% Feb/20
Propane 0.65 0.01 1.62% -2.67% -28.45% Feb/20
Uranium 89.40 0.1000 0.11% 4.87% 38.18% Feb/20
German Gas 33.29 -1.43 -4.11% -15.52% -30.69% Feb/20
Urals Oil 57.78 -0.80 -1.37% -0.02% -15.10% Feb/20


Germany Natural Gas THE
The Trading Hub Europe (THE) index is an index reflecting the price of natural gas at the German virtual trading point, serving as a reference for the country. The index is compiled by the European Energy Exchange (EEX) based on prices of traded contracts and their volumes. Prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our natural gas market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
33.29 34.71 58.86 28.16 2024 - 2026 EUR/MWh daily

News Stream
Germany Natural Gas Futures Fall on Friday
German natural gas futures fell more than 4% toward €33 per megawatt-hour, as comments from Donald Trump about a possible limited strike on Iran eased fears of major disruption to LNG flows through the Strait of Hormuz. Markets had been concerned that escalating tensions could threaten shipments via the strait, a key route for roughly 20% of global LNG exports, including volumes from Qatar. Despite reports of military drills by Iran and a US buildup in the region, traders appeared to price in a lower risk of immediate supply interruption. Additional pressure came from milder weather forecasts, steady Norwegian flows despite outages and stronger renewable generation in Germany. However, inventories in the European Union remain low at around 32%, with German storage below 22%.
2026-02-20
Germany Natural Gas Futures Rebound from 5-Week Low
German natural gas futures rose above €33 per megawatt-hour, rebounding from a five-week low of €29.82 on Feb 17, as fears grow that escalating tensions between United States and Iran could disrupt LNG flows through key Middle East routes. Markets are focused on shipments via the Strait of Hormuz, a route for about 20% of global LNG, including exports from Qatar, the second largest exporter. A report from Axios said US military action against Iran could come sooner than expected, with Israel pushing for regime change, raising risks to regional supply. Tight EU inventories add support, with European Union storage near 32.5%, the lowest since 2022, and Germany below 23%. Still, warmer weather, steady flows despite outages in Norway and stronger renewables in Germany are easing pressure.
2026-02-19
Germany Natural Gas Futures Fall to 5-Week Low
German natural gas futures fell below €32 per megawatt-hour, the lowest in five weeks, as milder weather forecasts reduced heating demand and eased near term supply concerns. Warmer and windier conditions are expected across central and western Europe, with temperatures in Germany projected to rise slightly above seasonal averages. Despite the price decline, storage levels remain tight, with inventories across the European Union below 34%, the lowest since 2022, and German storage under 24%. However, ample LNG supply and lower US prices have improved availability, helping limit fears of immediate shortages. Natural gas prices in the United States also fell to a four month low on warmer weather, boosting export potential to Europe.
2026-02-17