European Gas Prices Hit Multi-Year Highs as Gulf LNG Supplies Plunge

Key Facts

1European natural gas (TTF) prices reached their highest levels since December 2022 as Persian Gulf LNG flows dropped approximately 80% year-on-year.

2ING forecasts TTF prices to average EUR73/MWh over the 26/27 winter before an aggressive sell-off starting in 2Q27.

European natural gas (TTF) prices reached their highest levels since December 2022 as Persian Gulf LNG flows dropped approximately 80% year-on-year. FXStreet reported that this supply crunch has forced European buyers, including Germany, to compete aggressively for limited spot supplies amid low storage levels and heightened competition with Asia.

ING forecasts that TTF prices will average EUR73/MWh over the 26/27 winter season before an aggressive sell-off begins in the second quarter of 2027. The outlook remains supported by significant supply disruptions and the massive reduction in LNG shipments from the Gulf region, which has tightened the global spot market.