European natural gas TTF futures peaked at €84/MWh in early September 2026, the highest level since December 2022, as the EU faces its tightest supply situation in years. EU gas storage stands at roughly 68%, about 16 percentage points below the five-year seasonal average, with approximately 74.5 billion cubic meters in reserves—the lowest volume since 2013. The shortfall stems from two compounding factors: geopolitical tensions related to the US-Iran conflict disrupting LNG flows through the Strait of Hormuz, and routine maintenance work in Norway that reduced pipeline exports during a critical replenishment period. The European Commission has introduced flexible storage targets and noted that bloc-wide demand has fallen by roughly 17% compared to pre-crisis levels. Prices hovering between €80 and €84/MWh are performing the dual function of rationing demand and signaling to global LNG sellers that Europe will pay a premium for cargoes.
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