European Gas Near a Four-Year High While Storage Is 73% Full: Is Europe Heading for an Expensive Winter?
Dutch TTF traded above €86 per megawatt-hour on October 14, near the previous peak of €87.44; according to GIE, EU storage was 73.1% full on October 7, well below the usual 90%.
Dutch TTF gas futures on the morning of October 14 traded slightly above €86 per megawatt-hour, near a four-year high; the previous peak is €87.44, according to Euronews. According to Trading Economics, cited by TFTC, the price is about 150% higher than a year ago, after a September dip to around €70.
EU storage was 73.1% full on October 7, according to GIE AGSI+ data cited by TFTC, or about 16–17 percentage points below the usual 90%. The EU has reportedly lowered its mandatory winter target from 90% to 80%. The reason is the absence of Qatari LNG, which passes through the Strait of Hormuz with no viable alternative.
It is not panic, but it is a warning. ENTSOG assesses that Europe can meet demand in an average winter with current stocks, and the risk is concentrated in landlocked countries in Central and Eastern Europe if access to LNG is constrained and if the winter is colder. ACER warns that if Qatari production stays offline until December, the global LNG shortfall could reach 26 billion cubic meters. Demand in September was about 8% lower than a year ago.
MKNews Hub · Macedonia · October 15, 2026
