European Gas Prices Hit Record High Amid Supply Constraints

European gas prices have exceeded €80/MWh for the first time in three years, reaching an all-time high of €82.52/MWh on September 14th. The price surge is attributed to several factors, including prolonged supply constraints through the Strait of Hormuz and a heatwave in Asia that led to increased demand for liquefied natural gas (LNG).

The situation has been exacerbated by autumn maintenance work on Norway's gas infrastructure, which has further reduced Europe's ability to replenish its stocks. At present, the fill rate of European gas storage facilities stands at 68.49%, significantly lower than last year's figure and the average seasonal level.

Experts predict that it will be difficult for Europe to reach the target level of 75% by the start of the heating season, raising concerns about sharp price fluctuations as the winter months approach. The ban on imports of Russian LNG from January 2027 is also expected to contribute to uncertainty in the market.