Major benchmark futures (such as those on the TTF hub in the Netherlands) are trading in the range of about 41–42 euros per MWh (equivalent to approximately $440–480 per 1,000 cubic meters).
The current rise in prices is driven by concerns over potential disruptions to liquefied natural gas (LNG) supplies due to tensions in the Middle East and the Strait of Hormuz.
Recent price spikes (such as the spring surge to over $600 per 1,000 cubic meters) were triggered by incidents affecting infrastructure in Qatar, one of the world’s largest LNG suppliers.
Forecasts of hot weather in several European regions are leading to increased demand for electricity to power air conditioning systems. As a result, gas is being used more intensively for power generation, which reduces the volumes available for injection into storage facilities.
Market participants continue to closely monitor developments regarding maritime transport corridors, as any news of delays involving LNG tankers instantly affects the price of European contracts.
Gas injection into Europe’s underground storage facilities (UGS) is proceeding at a historically low rate as of the end of June 2026, causing the lag behind previous years’ schedules to continue widening.
According to Gas Infrastructure Europe (GIE), European storage facilities are currently only 48.29% full, containing approximately 52.8 billion cubic meters of gas.
Europe, gas market, international trade
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