Business
European gas prices surge past 200% on Hormuz disruptions and low storage
November 1, 2026 at 05:28 PM
European gas prices have risen more than 200% in 2026 to levels not seen since December 2022 as Hormuz shipping disruptions cut supplies ahead of winter.
- Dutch TTF benchmark futures reached 103.5 euros per megawatt-hour in December trading, up more than 200% since the start of 2026.
- Disruptions in the Strait of Hormuz have held back roughly 20% of global LNG exports, an economic report said.
- EU gas storage stood at 74.68% at the end of October, below the 80% target EU members were required to reach by early November.
- US December gas futures fell 1.83% to $2.898 per million BTU, while US LNG exports rose to 10.9 million metric tons in September.