Europe Gas Prices Jump 6% as Saudi Pipeline Shutdown Rattles Markets
Europe Gas Prices Jump 6% as Saudi Pipeline Shutdown Rattles Markets What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Europe’s benchmark natural gas prices jumped by 6% at Monday market opening in Amsterdam as oil prices rallied amid the escalation in the Middle East that threatens the recovery of energy flows.
The front-month price at theDutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, soared by 6% as of 7:50 a.m.
Amsterdam time on Monday, to hit the highest level since the 2022-2023 crisis.
At $97.31 (84.275 euros) per megawatt-hour (MWh), the price now exceeds the January 2023 levels, when Europe faced the first winter without most of the Russian pipeline gas supply.
Gas prices in Europe, fresh off five consecutive weeks of weekly gains, continued their rally on Monday, as risks to supply of oil and gas in the Middle East materially increased over the weekend after Saudi Arabiashut downits key East-West oil pipeline that helps it bypass the Strait of Hormuz.
European gas prices have rallied in recent weeks as gas storage sites across Europe are less than 70% full compared to 82% for this time of year in 2025 and a five-year average of above 80%.
Europe is heading into winter withone of the lowest levelsof gas in storage in the past two decades as the war in the Middle East crippled LNG supply from Qatar, sent gas and LNG prices in Europe and Asia skyrocketing, and intensified competition for readily available global LNG cargoes that don't need to cross geopolitically charged chokepoints.
“The potential for a global ‘fight for fuel’ is there, particularly in a colder winter,” Go Katayama, principal insight analyst for LNG at intelligence firm Kpler, toldBloombergearlier this month.
In a sign of intensifying competition, Asia’s spot LNG price surged last week to thehighest level since 2022.
“The disruption has forced buyers in Europe and Asia to compete more aggressively for alternative cargoes and has helped push European natural gas above USD 140 per barrel equivalent,” Ole Hansen, Head of Commodity Strategy at Saxo Bank,saidlast week.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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