European gas prices edge higher as Middle East risk and winter demand keep supply tight
Dutch and British gas benchmarks edged up on Tuesday, with TTF near €89.35 per MWh while EU storage sits at 74.58% full, Reuters reports.
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what happened
Wholesale gas benchmarks in the Netherlands and the UK ticked higher on Tuesday. The Dutch front-month TTF contract gained €1.31 to €89.35 per megawatt-hour by 08:31 GMT, ICE figures showed, while the British front-month contract climbed 3.47 pence to 220.93 pence per therm. Both had hit four-year peaks on Monday, and moves on Tuesday stayed modest.
Traders point to firm demand for liquefied natural gas (LNG) cargoes, with Asian and European buyers competing for the same supply. Yemen's Houthis have stepped up strikes on a military training site and on Saudi energy facilities, feeding a geopolitical risk premium. Asia's benchmark LNG price topped $30 per mmBtu on Monday for the first time since December 2022.
European gas storage stood at 74.58% full according to Gas Infrastructure Europe, well under typical levels for this stage of the year. Even so, inventories grew by roughly 1.2 TWh a day over the past week despite cold weather in northwest Europe. Norwegian gas nominations were 337.9 million cubic metres a day, little changed, according to operator Gassco.
why it matters
Low storage heading into winter leaves Europe with less cushion, which keeps a risk premium in gas and power prices. The EU carbon benchmark rose €0.10 to €85.50 a tonne, adding another cost factor for gas-fired generation.
market impact
Gas (TTF, NBP) and LNG: low storage and supply risks keep prices supported
tags
instruments
sources
- Prices firm as geopolitical tension, pre-winter demand add support — Reuters, 20 October 2026 at 08:36 UTC
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