Amsterdam, 23 October. The November gas futures contract on the Dutch TTF hub approached $1,100 per 1,000 cubic metres: during the day on 23 October prices rose by 2.4% and 1,000 cubic metres cost $1,072.2; gas in Europe last cost more than $1,000 in December 2022.
The LNG market remains tight ahead of winter because of disruptions to supplies from the Persian Gulf: in October LNG volumes through the Strait of Hormuz were more than 75% below pre-conflict levels, according to Kpler. Prices are also being pushed up by reports that the US is preparing for a possible new attack on Iran after the congressional elections, Trading Economics writes. European underground gas storage is only 74.62% full, against 82.8% a year ago — the lowest for this date since 2011, according to Gas Infrastructure Europe; it holds about 81.7bn cubic metres, 9.7bn less than in 2025. Injections into storage have practically stopped.
TTF (Title Transfer Facility) is a virtual gas trading point in the Netherlands whose price serves as the benchmark for all of Europe.
What it means: Europe is entering winter with its emptiest storage in 15 years and gas above $1,000, because LNG supplies from the Gulf have collapsed.
Who benefits: Suppliers of gas and LNG to Europe, including those whose supplies do not pass through Hormuz. Rising prices are bad for European consumers and industry.
Background: The all-time high TTF price — $3,899 per 1,000 cubic metres — was set on 7 March 2022.
List of sources used: InfoTEK
Artificial intelligence was used in preparing this material.
