European Gas Prices Reach Highest Since December 2022 as Persian Gulf LNG Flows Lag

European benchmark gas prices have reached their highest level since December 2022 as Persian Gulf liquefied natural gas flows lag, leaving buyers to compete for cargoes ahead of winter. The Dutch Title Transfer Facility (TTF) is a European gas benchmark and a global reference price. European Union gas storage stood at 836.90 terawatt-hours, or 74.02% of capacity, at midnight ET Oct. 15 (04:00 UTC). Stocks remained below the five-year average. The price move extends earlier pressure on European gas markets amid uncertainty over LNG shipments through Hormuz. “Unfortunately for the natural gas market, we have not seen a similar recovery in LNG flows from the Persian Gulf as we have with oil,” said Warren Patterson, ING’s head of commodities strategy.

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