European wholesale gas price nears €100 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]

Update

European gas futures climbed above €97 per megawatt-hour on Monday morning, 26 October, according to Dutch news agency ANP. It put the morning rise at about 3.5%. [6]

Investing.com’s Dutch TTF futures data show an intraday high of €97.640 on 26 October, compared with €90.235 on 20 October. A separate delayed quote on the page stood at €96.845. The highs show how far the price reached during trading, not where it closed. [7]

Dutch TTF futures are contracts for gas delivery priced in euros per megawatt-hour. The quoted price is a futures-market price, not a household gas tariff. [4]

Update

European wholesale gas reached €99.50 per megawatt-hour during trading on Wednesday, 28 October, according to Dutch news agency ANP. It put the rise at about 3.5% on the day, but did not report a closing price. [9]

The price is well above its early-October level: an Investing.com display of Dutch TTF gas futures lists a price near €74 on 1 October and showed trading above €99 on Wednesday. These are wholesale contracts quoted in euros per megawatt-hour, not household gas tariffs. The price remains far below the roughly €340 reached during the 2022 energy crisis, which the European Central Bank dates to August of that year. [7] [4] [12]

ANP attributed the rise in part to what it described as a near-total blockage of the Strait of Hormuz for oil and liquefied natural gas tankers. The International Maritime Organization records attacks on commercial ships in the strait and nearby waters. Seatrade Maritime News, citing US data, reported an average of about 28 US-assisted vessel passages a day. That figure covers vessels generally, not tanker traffic specifically, and does not establish how much the disruption contributed to Wednesday’s price rise. [9] [14] [15]

Higher wholesale prices can affect future household offers, but the timing depends on the contract. The Dutch consumer regulator says newly offered fixed tariffs respond quickly to wholesale prices, while variable tariffs are often adjusted quarterly. Wednesday’s rise does not mean households immediately pay 3.5% more for gas. [13]