TTF Gas Prices Soar as Winter Storage Levels Hit Record Lows
The price of natural gas at Europe's benchmark Dutch Title Transfer Facility (TTF) jumped by 2% on Tuesday morning in Amsterdam, reaching its highest level since the 2022-2023 crisis. The front-month price rose to $86.90 (74.820 euros) per megawatt-hour (MWh), surpassing January 2023 levels when Europe faced a winter without most of Russia's pipeline gas supply.
The surge in prices comes as European gas storage sites are less than 70% full, compared to 82% for this time of year in 2025 and a five-year average above 80%. The continent is heading into winter with one of the lowest levels of gas in storage in the past two decades due to the war in the Middle East, which has crippled LNG supply from Qatar.
Go Katayama, principal insight analyst for LNG at intelligence firm Kpler, warned that 'the potential for a global ‘fight for fuel’ is there, particularly in a colder winter.'