CommoditiesMedium•15 October 2026•
1 min read
Europe Gas Prices Hit 2022 Highs as Hormuz Crisis Strains Qatari LNG Supply
Key Facts
1European benchmark gas prices (TTF) reached $96.56 per megawatt-hour, the highest level since December 2022.
2Lack of LNG supply from Qatar via the Strait of Hormuz is complicating EU efforts to fill storage sites ahead of winter.
European benchmark gas prices (TTF) reached $96.56 per megawatt-hour, marking their highest level since December 2022. Oilprice.com reported that a lack of LNG supply from Qatar via the Strait of Hormuz is complicating European Union efforts to fill storage sites ahead of the winter season.
The price surge comes as EU storage facilities were only 74% full as of October 14, 2026, according to Gas Infrastructure Europe data. Warren Patterson, Head of Commodities Strategy at ING, noted that LNG flows from the Middle East remain approximately 80% lower than last year's volumes, keeping prices well-supported as Europe and Asia compete for available spot supply.