FX.co ★ European Gas Prices Hover Near Peaks

European natural gas prices slipped to €85.5 per megawatt-hour, holding just below a multi‑year peak, as investors nervously assess the bloc’s supply outlook ahead of the heating season. EU gas storage sites are 74.1% full—well below the usual level for this point in the year—with several countries struggling to meet minimum storage targets. Rebuilding inventories has become increasingly difficult for Europe amid ongoing shipping disruptions in the Strait of Hormuz, leaving Middle Eastern gas deliveries roughly 80% lower than a year ago. This is heightening the risk of intense competition between Asia and Europe—currently the world’s two largest LNG importers—for limited cargoes as temperatures drop. Prices remain highly exposed to further surges if the winter proves colder than normal or if supply disruptions persist.