TTF benchmark surges past EUR60/MWh as stalled Persian Gulf LNG flows and low storage levels raise winter supply risks.
European natural gas prices climbed more than 9% to exceed EUR60 per megawatt-hour as uncertainty over US-Iran negotiations dimmed hopes for resumed LNG flows from the Persian Gulf. The TTF benchmark settled sharply higher amid growing concerns over dwindling storage levels, which now sit below 2021 benchmarks in both percentage and absolute terms.
Storage levels are tracking lower than previous years, complicating efforts to meet the EU’s 75% winter target. Analysts warn that prolonged delays in LNG deliveries heighten vulnerability to price spikes ahead of the 2026/27 heating season, particularly if cold weather strains supply.
The surge reflects market anxiety over tight supply conditions and geopolitical risks, with no immediate resolution to the stalled LNG flows in sight.