Europe is facing renewed pressure on its energy supplies ahead of winter as natural gas prices surged to their highest level in nearly four years, driven by disruptions to Qatari liquefied natural gas (LNG) shipments and escalating tensions in the Middle East.
The benchmark European gas price rose by three per cent at the opening of trading in Amsterdam on Friday, October 23, 2026, reaching $103.40 (€92.30) per megawatt-hour (MWh), its highest level since December 2022.
The increase comes as European countries begin drawing on gas reserves to meet rising heating demand, raising concerns over supply security during the approaching winter.
Data from Gas Infrastructure Europe showed that European Union gas storage facilities were 74.62 per cent full as of October 22, significantly below the five-year average of approximately 86 per cent for the same period.
The relatively low storage levels have heightened concerns about Europe’s ability to withstand prolonged supply disruptions, particularly as geopolitical tensions continue to affect LNG shipments from the Persian Gulf.
At the Dutch Title Transfer Facility (TTF), Europe’s main natural gas trading hub, the front-month contract climbed three per cent during early trading on Friday, extending gains recorded in the previous session.
The benchmark had already risen by three per cent on Thursday, closing above €90 per MWh for the first time since December 2022.
Energy market analysts warn that the combination of restricted LNG supplies, declining temperatures and lower-than-usual storage reserves could sustain pressure on European gas prices.
“European gas prices also remain extremely sensitive to developments in the Persian Gulf, with LNG flows increasingly likely to be largely absent from the market for at least much of the Northern Hemisphere winter,” ING commodities strategists Warren Patterson and Ewa Manthey said in a market note.
The analysts further observed that European gas storage appeared to have peaked below 75 per cent, leaving the region with smaller reserves than usual as winter approaches.
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Meanwhile, crude oil prices also increased amid fears that escalating hostilities in the Middle East could threaten major energy infrastructure.
Brent crude climbed to a five-month high of $114 per barrel following concerns over possible Houthi attacks on Saudi Arabian energy facilities.
The developments have renewed concerns about the vulnerability of global energy markets to geopolitical disruptions, with Europe particularly exposed because of its reliance on imported natural gas.
