European gas futures briefly top €90 per megawatt-hour

The Dutch TTF gas contract for November delivery traded at €90.10 per megawatt-hour by 11.21am GMT on Tuesday, according to Investing.com, which cited exchange data. Both Investing.com and an ANP/Bloomberg report carried by Nieuws.nl say European benchmark gas futures had not crossed €90 since December 2022. [3] [1]

The move was an intraday high, not a closing price. Investing.com’s price table showed a high of €90.235 on 20 October but a last quoted price below €90 when it was accessed. The contract is for future gas delivery through the Dutch TTF trading hub; its price is not what households pay directly for gas. [2] [4]

Europe began the winter with a smaller gas reserve than a year earlier. EU underground storage was 72% full on 1 October, against 83% on the same date in 2025, according to gas network association ENTSOG. It says disruption to Middle Eastern liquefied natural gas shipments has tightened global supply and intensified competition between Europe and Asia. [5]

ENTSOG’s winter modelling finds that European infrastructure remains sufficiently flexible, but the amount of gas available matters: under its reference-winter scenario, EU storage ends the season at 29% with its higher LNG-supply assumption and 13% if LNG supply is tight. Those are scenarios, not forecasts of a shortage. [5]