European natural gas prices reach highest level since 2022

European natural gas prices rose to their highest point since December 2022 on October 13, 2026. The Dutch TTF benchmark saw significant volatility, with reports placing the increase between 2.17% and 3.19%, pushing prices to approximately 86.19 to 87.04 euros per megawatt-hour. This surge is driven by fears over restricted supply, specifically disruptions in Qatari liquefied natural gas (LNG) exports due to the conflict in the Middle East, and heightened competition for resources between Asian and European importers.

Energy infrastructure data reveals mounting pressure on the continent's reserves ahead of the winter season. The European Aggregated Gas Storage Inventory (AGSI) and GIE report that total storage levels are currently at 73.7%, falling short of the intended 85% to 90% target. Germany faces particularly critical shortages, with its storage facilities reported at just 59.96%. Conversely, oil prices have shown a decline, with Brent crude dropping nearly 2% following a strong performance the previous day. Increased costs are also being observed in British, American, and German gas markets as uncertainty persists regarding global energy stability.