Dutch Gas Benchmark Hits Highest Level Since 2022 on Supply Fears

The Dutch Title Transfer Facility (TTF) benchmark reached its highest level since December 2022 on Oct. 13 as Middle East attacks threatened supplies and European gas storage remained below average.

The contract rose 1.8% to €85.85 per megawatt-hour at 10:55 a.m. ET (14:55 UTC), marking its sixth consecutive session of gains. Storage across Europe stood at 73%, leaving the market more exposed to weather-driven demand spikes and competition for liquefied natural gas supplies.

Colder-than-normal temperatures could boost gas demand, while reduced wind generation could push up prices. The combination has increased pressure on buyers seeking to secure supply before the peak heating season.

The move extends earlier pressure on European gas markets amid uncertainty over liquefied natural gas shipments through the Strait of Hormuz. European gas prices had already risen as buyers replenished inventories ahead of winter.

September gas prices above €80 per megawatt-hour strengthened coal-fired generation’s cost advantage over gas. Coal and lignite plants were more profitable on average than gas-fired plants for the first time since at least 2024.

The market is now entering the winter period with storage below average and continued sensitivity to supply disruptions, weather and power-generation conditions.