Business
European natural gas prices hit highest level since 2022
September 14, 2026 at 05:01 PM
European benchmark natural gas futures jumped over 5% Monday to their highest level since late 2022, as Hormuz Strait disruptions curbed LNG supplies amid the US-Iran war.
- TTF futures for next-month delivery rose more than 5% to 83.75 euros (97.13 dollars) per megawatt-hour in Amsterdam, the highest price since late 2022.
- European underground gas storage is about 68% full, roughly 17 percentage points below seasonal historical averages, according to Gas Infrastructure Europe data.
- Japan's JERA global CEO Yukio Kani warned of declining European gas reserves and potentially prolonged shipping disruptions through the Hormuz Strait.
- India, Pakistan, Bangladesh, Thailand and Vietnam spent about $7.4 billion on spot LNG since the war began February 28, more than double the cost of comparable long-term contracts a year earlier.