European Gas Reaches Highest Since 2022 at €92.30 as EU Storage Sits at 74.62%

European wholesale gas prices reached their highest level since December 2022 at €92.30 per megawatt-hour Friday, while European Union storage stood below 75% ahead of the heating season.

At 1 a.m. ET (05:00 UTC) on Oct. 23, the front-month futures contract for the Dutch Title Transfer Facility (TTF) traded at €92.30 per megawatt-hour, up 3% at the Amsterdam open. TTF is a Dutch trading hub used as a benchmark for European wholesale gas. The latest reading followed a brief retreat after the benchmark's earlier move through €90.

The EU held 845.05 terawatt-hours of gas, or 74.62% of storage capacity, in a snapshot at 12 a.m. ET (04:00 UTC) on Oct. 23.

QatarEnergy announced March 2 that it had halted liquefied natural gas production after military attacks on facilities in Ras Laffan and Mesaieed. In early October, four ships carrying Qatari cargoes were tracked outside the Strait of Hormuz after crossing it, with China and India among their destinations.

Qatar exported 110 billion cubic meters of LNG in 2025, including 105 billion cubic meters that passed through the strait. Less than 10% of LNG that crossed Hormuz went to Europe that year, while disruptions can affect LNG markets more broadly.

Warren Patterson, ING's head of commodities strategy, wrote Oct. 15: “Unfortunately for the natural gas market, we have not seen a similar recovery in LNG flows from the Persian Gulf as we have with oil.”