CommoditiesMedium•22 October 2026•
1 min read
EU Natural Gas Prices Hit Multi-Year Highs as Winter Withdrawals Begin
Key Facts
1EU countries have begun drawing from natural gas stockpiles which are at record seasonal lows of 74% capacity, the lowest since 2009.
2Dutch front-month futures (TTF) breached 90 euros per megawatt-hour, reaching their highest levels since late 2022.
3Germany's gas storage is only 61% full, increasing Europe's reliance on LNG imports amid ongoing disruptions in the Strait of Hormuz.
Dutch front-month gas futures (TTF) breached 90 euros per megawatt-hour, reaching their highest levels since late 2022. Bloomberg reported that the price surge coincides with European Union countries beginning to draw from natural gas stockpiles, which have hit record seasonal lows of 74% capacity, the lowest level since 2009.
Germany's gas storage levels have fallen to 61%, increasing the continent's reliance on LNG imports. According to ZeroHedge, these inventory levels are creating a structural supply deficit amid ongoing disruptions in the Strait of Hormuz and heightened competition with Asian buyers for available global supplies.