European natural gas prices extended their rally on Friday, rising to 91 euros per megawatt-hour and hitting a fresh multi-year high, TradingView News reported, as disruptions to Persian Gulf supplies kept the global liquefied natural gas (LNG) market tight ahead of winter.
OilPrice.com, citing market data and Saxo Bank analysis, said the Dutch TTF benchmark — Europe's main gas price — had jumped to nearly 90 euros per megawatt-hour on Thursday, its highest level since December 2022, at about $29.50 per million British thermal units.
Gas Infrastructure Europe data showed EU storage sites were 74.62% full as of October 22, the lowest seasonal level since records began in 2009, Bloomberg data cited in the reports said. Germany's storage was only about 61% full.
LNG shipments from the Middle East remained around 80% below year-ago levels, the reports said, setting up stronger competition between Europe and Asia — the world's two largest importing regions — for available cargoes. European gas prices have climbed about 4% this week, a fourth consecutive weekly gain.
Saxo Bank's head of commodity strategy, Ole Hansen, warned that relatively low storage leaves Europe more dependent on continued imports through winter, and that a prolonged cold spell combined with renewed LNG disruption could trigger another sharp price increase.
Europe enters winter with a thin gas buffer. Low storage, disrupted Gulf LNG and competition with Asia mean heating and industry costs could rise quickly if the weather turns cold.