European natural gas prices surged to their highest level since 2022 on Monday, with front-month futures on the Dutch TTF hub exceeding €97 per megawatt-hour.
The benchmark contract reached €97.64 per MWh in Amsterdam, a near 3% rise from Friday and the highest since late 2022, according to multiple European outlets . Prices have climbed by roughly a third since the start of October and more than tripled since January, driven by geopolitical tensions and winter supply concerns.
Traders cited the US-Iran conflict as a key factor, as the Strait of Hormuz—a critical route for liquefied natural gas shipments—faces heightened disruption risks. European gas storage levels are also unusually low for this time of year, with EU reserves at about 75% capacity, the lowest in 17 years, and German storage at just over 61% . Austria’s storage stood at 67.19% as of Saturday, according to its economy ministry .
Germany has accelerated efforts to refill reserves, with state-owned SEFE Securing Energy for Europe ordered to procure additional gas. The push to bolster stocks ahead of winter has further tightened supply, contributing to the price surge .
The International Energy Agency’s executive director, Fatih Birol, warned on Monday that energy markets are unlikely to return to pre-war conditions in 2027, emphasizing the need for governments and businesses to prioritize energy security . Birol noted that the Iran conflict has significantly altered global energy flows, pushing up oil and refined product prices.
