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Wednesday, August 26Wednesday, August 26
6 days · 3 summary articles
European gas prices double this year as Hormuz closure fears fuel winter supply crunch
Europe may need gas prices above 100 to secure winter LNG amid Middle East disruptions: Goldman Sachs
EU gas storage at 62% as winter target slips amid Hormuz closure and price surge
European natural gas prices surged on Tuesday, with the benchmark Dutch front-month TTF contract trading above €66 per megawatt-hour, down from over €68 earlier in the session but more than double the €29/MWh level at the start of the year. The rally was driven by investor concerns that the Strait of Hormuz could remain closed into winter, disrupting a route carrying nearly one-fifth of global LNG trade, according to a report by Yahoo Finance .
EU gas storage levels stood at 62.99% full at the end of the gas day on Aug. 24, far below the five-year average of 79%, according to Gas Infrastructure Europe data. Natasha Fielding, editorial manager for gas, LNG, coal and biomass at Argus Media, told Euronews Business that the only comparable period in the past 15 years was 2021, ahead of the last major gas crisis. Germany’s stores were 51% full, while the Netherlands’ were at 44.3%.
Goldman Sachs analysts Samantha Dart and Laura Cyr warned in a note cited by Bloomberg that current prices “will not be enough for Europe to manage storage through winter.” In a scenario where Middle East energy exports normalize only gradually through 2027, they estimated December 2026 TTF prices could exceed €100/MWh, 110% above their €50/MWh base case.
Oxford Economics noted in an Aug. 13 report that EU gas consumption is 15%-20% lower than in 2021, allowing the bloc to operate with lower storage levels but increasing reliance on winter LNG imports. The think tank added that the EU might be forced to suspend parts of its ban on Russian gas imports if supplies tightened further.
The competition for LNG cargoes has intensified due to the effective closure of the Strait of Hormuz, pitting Europe against Asian buyers. Analysts said a potential bidding war could push wholesale prices higher, compounding pressure on consumer bills this winter if elevated wholesale prices persist long enough to feed through to retail markets.
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Latest news bulletin | August 26th, 2026 – Morning Catch up with the most important stories from around Europe and beyond this August 26th, 2026 - latest news, breaking news, World, Business, Entertainment, Politics, Culture, Travel.
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