EU Natural Gas Prices Soar Amid Stalled Iran Deal Hopes

Natural gas prices in Europe have surged as hopes for a US, Iran deal fade. The European Natural gas benchmark TTF jumped over 9% to move back above EUR60/MWh, according to ING strategists Warren Patterson and Ewa Manthey.

The team warns that each day without Persian Gulf LNG flows increases vulnerability to price spikes during the 2026/27 heating season. Storage levels in Europe are below 2021 benchmarks, with gas storage now below 75% of capacity.

The EU's lower storage target is looking tough to hit ahead of winter, making the market more vulnerable to price volatility.