European Gas Prices Hit Highest Level in More Than Three Years

September 10, 2026 | 04:59 pm

TEMPO.CO, Jakarta - European natural gas prices surged to their highest level in over three years on Wednesday, September 9, as fresh tensions in the Middle East and concerns regarding liquefied natural gas (LNG) supplies added pressure to a market already grappling with low inventory levels ahead of winter.Dutch TTF front-month futures, the benchmark for European gas prices, rose to 80.99 euros per megawatt-hour during the trading session, breaching the 80-euro level for the first time since early 2023. Prices subsequently fell to around 79 euros per megawatt-hour.As reported by ANTARA, the price increase occurred amid disruptions to LNG supplies from the Middle East and renewed concerns about Russian gas infrastructure. These issues have worsened the supply outlook.According to Gas Infrastructure Europe, which monitors gas storage levels across the region, European Union gas storage facilities were 67.1 percent full as of September 8—well below normal levels for this period.Euronews reported that the Middle East conflict has driven up European gas prices due to growing concerns regarding LNG supplies through the Strait of Hormuz, while rising energy costs are adding to inflationary pressure in the eurozone.The International Energy Agency (IEA) said on Wednesday that the recent supply crisis has exposed vulnerabilities in the global gas market.The IEA warns that competition for limited LNG supplies during periods of severe market strain could cause extreme price volatility that would significantly impact the economy.Read: Oil Prices Rise as Middle East Conflict EscalatesClick here to get the latest news updates from Tempo on Google News