European Gas Prices Hit Four-Month High on Supply Fears and Middle East Conflict

TLDR

• European gas prices climbed to four-month highs Friday, up 0.4% at the TTF hub
• Prices are on track for a fourth straight week of gains — the longest streak since May 2025
• Equinor warned Europe is unlikely to hit its 80% storage target before winter
• Storage levels sit at around 54%, the second-lowest in 15 years
• US strikes on Iran and Houthi threats are disrupting LNG flows through the Strait of Hormuz

European wholesale natural gas prices hovered near four-month highs on Friday, heading for a fourth consecutive week of gains.

The Dutch TTF front-month contract, Europe’s benchmark, rose 0.4%, while the equivalent British contract gained 0.3%. Gas prices have risen around 8% this week alone and have surged more than 42% in July.

That four-week winning streak is the longest Europe has seen since May last year.

Storage Levels at a 15-Year Low

Equinor, Europe’s largest domestic gas supplier, issued a warning earlier this week that storage levels across the continent stand at roughly 54% capacity. That is below the five-year seasonal average and the second-lowest reading in 15 years.

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