European Gas Prices Cross €80 for First Time in Three Years

European natural gas futures cleared a significant threshold in mid-September, with TTF October 2026 contracts reaching €82.52 per megawatt-hour — the first time prices had surpassed the €80 mark in three years. The move extended a sustained climb recorded through August and September.

Starting from an average of €44.94/MWh in June, prices moved through successive levels in July, breaking €50 and then €60 before continuing higher into August and September. GMK Center recorded the October contract at €82.52/MWh on 14 September.

Multiple pressures are converging: below-average storage fill rates across Europe, supply constraints tied to the Strait of Hormuz, Asian demand for liquefied natural gas, and maintenance work on Norwegian pipeline infrastructure.

The timing has amplified concern. European gas storage stood at 68.49% capacity in mid-September, well behind the 80.6% recorded at the same point last year. With a 75% storage target still unmet and the heating season approaching, the price rally heightens the risk of further cost volatility before winter demand begins.

Source: GMK Center