European Gas Futures Top €90 for First Time Since December 2022

On Oct. 20, Dutch TTF gas reached a level it had not seen since December 2022, clearing €90/MWh.

The Dutch TTF front-month contract stood at €90.10/MWh at 7:21 a.m. ET (11:21 UTC). TTF is a Dutch wholesale gas benchmark. Prices remain well below the 2022 crisis peak of more than €300/MWh in late August of that year.

Fourth-quarter 2026 European gas prices are projected to average €70/MWh if Persian Gulf liquefied natural gas (LNG) exports gradually improve. That figure is a quarterly average, not an end-of-year target.

If Persian Gulf LNG exports remain very low, prices could need to rise above €100/MWh during peak winter demand to curb LNG buying outside Europe. When the outlook was published, Persian Gulf LNG exports were estimated at 15% to 25% of prewar levels. Samantha Dart, co-head of Global Commodities Research at Goldman Sachs, said, “If others stop buying, there is more left to come to Europe.”

Under EU rules, the 90% storage threshold may be met at any point between Oct. 1 and Dec. 1, and difficult market conditions allow flexibility.