European energy prices surge as gas storage levels remain low

As of October 21, 2026, European natural gas storage levels reached 75%, a figure significantly below historical averages. The European Union Agency for the Cooperation of Energy Regulators (ACER) reports that the summer replenishment process was both slow and exceptionally costly, reaching an estimated 27 billion euros, the second-highest cost in the last decade. This difficult situation stems from a poor starting position, as storage levels were at only 28% at the end of the 2025-2026 winter season.

On October 28, 2026, the benchmark Dutch TTF natural gas price surpassed 100 euros per megawatt-hour for the first time since December 2022, marking a 4% daily increase. This surge is attributed to a combination of low storage levels and geopolitical instability, specifically the ongoing war in Iran, which has sparked fears of global supply disruptions. Energy Commissioner Dan Jorgensen warned that the upcoming winter will be difficult for both European citizens and the economy.

Looking ahead, the European Commission anticipates continued volatility in fuel prices throughout 2027, with the global diesel market also expected to face persistent challenges. Authorities remain on high alert as the continent enters the peak heating season with limited reserves and high cost burdens.