EU Natural Gas Nears 2023 Highs as Storage Levels Surpass Expectations

Key Facts

1Dutch TTF natural gas futures are trading around 83 euros per megawatt-hour, the highest level since early 2023.

2European gas storage levels have exceeded 73%, surpassing earlier expectations despite remaining below the 15-year average of 90%.

3Citi analysts identified factors easing the balance including an 8% drop in industrial demand, warm weather, and faster-than-expected storage injections.

Dutch TTF natural gas futures reached approximately 83 euros per megawatt-hour, marking the highest level since early 2023 according to ZeroHedge. Citi analysts reported that European gas storage levels have exceeded 73%, surpassing earlier expectations, although inventories remain below the 15-year historical average of 90%.

Citi analysts identified several factors easing the supply balance, including an 8% drop in industrial demand, warmer weather, and faster-than-expected storage injections. In related equity markets, Citigroup (C) closed at $129.63 and Goldman Sachs (GS) closed at $895.32 on October 9, 2026, as prices remain elevated to attract LNG cargoes to the European continent.