European Gas Prices Soar as Supply Security Concerns Intensify

The European natural gas market saw a sharp increase in prices on Monday as concerns over supply security and storage levels intensified.

The British NBP wholesale gas contract rose nearly 5%, surpassing the 200.00 pence level, while the Dutch front-month TTF contract climbed roughly 5% to reach new multi-year highs at 83.40 euros per megawatt-hour (MWh).

JERA Global CEO and Chair Yukio Kani warned that European gas reserves remain low and that disruptions near the Strait of Hormuz could persist, highlighting structural risks in the market.

European underground gas storage stood at about 68% capacity, nearly 17 percentage points below typical seasonal levels, exacerbating concerns over winter supply security.