European gas prices near €86/MWh as Persian Gulf LNG flows remain scarce
Europe’s Dutch TTF gas benchmark reached its highest level since December 2022, at $96.56 (€86.03) per megawatt-hour, as Persian Gulf LNG flows remained about 80% below last year’s level, according to OilPrice.com and ING. ING expects the market to remain volatile through winter as Europe and Asia compete for spot cargoes; it forecasts an average of €73/MWh over winter 2026/27.
Bottom line — ING’s €73/MWh winter forecast is higher than its previous €65/MWh estimate, with a sell-off expected from the second quarter of 2027.
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EU gas storage was around 74% full on 14 October, below the five-year average; sources put that average at about 86% or 89%.
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ING says LNG flows from the Persian Gulf remain about 80% lower year on year, leaving Europe and Asia competing for spot supply.
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ING says Germany has instructed state-owned SEFE to buy and store an additional 8 TWh of gas by 15 December.
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Timera Energy warns that late-winter price rises could become acute if European storage runs low, assuming the Strait of Hormuz remains closed through the fourth quarter of 2026.
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AzerNews reports that Azerbaijan exported 12.7 billion cubic metres of gas in the first half of 2026, mostly to Europe, but says long-term contracts and limited pipeline capacity constrain any windfall.
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Hungary’s energy ministry says its gas storage is 77% full, with reserves sufficient for 96 winter days of national demand.