FX.co ★ EU Natural Gas Prices Hold Near Multi-Year Highs

European natural gas prices hovered near €87 per megawatt-hour on Wednesday, close to their highest level since December 2022, as Middle East supply disruptions and below-average storage levels tightened the market. While producers such as the US, Canada, and Nigeria have ramped up LNG exports, the loss of Gulf LNG volumes has intensified competition for spot cargoes, curbing supply to Europe and complicating efforts to rebuild inventories. Gas storage sites across the region are 73.94% full, still below historical norms. Forecasts for colder-than-usual weather, particularly in Central Europe, risk boosting heating demand and triggering earlier-than-expected withdrawals from storage. At the same time, unplanned outages at Norwegian gas facilities have reduced pipeline export capacity to Europe, adding further upward pressure to prices.