19.10.202601:59:22UTC+00European Gas Prices Extend Advance

European natural gas prices climbed above €88 per megawatt-hour on Monday, the highest level since December 2022, as constrained LNG supplies from the Gulf continue to undermine the EU’s efforts to rebuild depleted gas storage ahead of winter. Storage levels across Europe have been rising steadily in recent weeks, reaching 74.31% of capacity as of October 18, but they remain below the seasonal average. Persistent tensions and security risks in the Middle East have heightened concerns over shipping safety and the prospect of tighter global energy supplies. LNG flows from the region are currently about 80% lower than at the same time last year, setting up stronger competition between Asia and Europe—the world’s two largest LNG importers—for limited cargoes as the heating season approaches. Prices remain highly sensitive to further shocks, with the risk of additional spikes if winter proves colder than normal or if supply disruptions persist.