European gas price reaches highest level since 2022
The TTF price rises amid disruption in Norway, uncertainty around the Strait of Hormuz and low gas storage levels.
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The European wholesale price of natural gas rose on Tuesday to its highest level since 2022. According to market data, the Dutch TTF monthly price climbed to around €86 per megawatt hour. The increase is adding pressure on energy-intensive businesses and European countries that are still replenishing their winter stocks.
The price rise follows several trading days of higher prices. According to market reports, an unplanned outage at Norwegian gas processing facilities, restrictions affecting transport through the Strait of Hormuz and concerns about European gas storage are all playing a role. Expectations of colder weather could also increase demand for gas.
The TTF is Europe’s main benchmark price for natural gas. A higher futures price does not feed through directly into household energy bills, because suppliers often bought gas earlier and consumer contracts have different durations. For businesses with variable procurement arrangements or expiring contracts, however, the movement can quickly become relevant.
On 12 October, European gas storage facilities were approximately 73.75 per cent full, according to Gas Infrastructure Europe, equivalent to 833.43 terawatt hours. That level does not mean Europe is at risk of running out of gas, but it does leave less of a buffer than in years when storage was filled more quickly ahead of winter.
Last week, the European Commission wrote that the European system is technically flexible enough to cope with winter demand. The Commission pointed to additional import capacity for liquefied natural gas and a broader spread of suppliers. At the same time, it warned that low storage levels reduce the room for a late cold spell or new supply problems.
The availability of liquefied natural gas remains particularly important. Europe competes on the global market with Asian buyers for the same cargoes. If transport through the Strait of Hormuz remains uncertain, European purchasers may have to pay more to bring alternative cargoes to the region.
The price is therefore both a market signal and a policy problem. The European Union can reduce risks through diversification, energy saving and increased renewable generation, but such measures do not change the gas market immediately. For industries that use natural gas as a fuel or raw material, persistently high prices could affect production, investment and competitiveness.
One story, several perspectives
What is established
- The TTF price rose to its highest level since 2022.
- European gas storage was approximately 73.75 per cent full on 12 October.
- The European Commission describes the system as sufficiently flexible, but points to lower storage levels and risks from late cold weather or new disruptions.
Left
Arguments Wants to reduce dependence on gas more quickly through energy saving, renewable energy and protection for households against price shocks.
Values Affordability, climate policy and public control over essential services.
Consequences Emphasises that delaying the energy transition exposes Europe to geopolitical price pressure and high energy bills.
Centre
Arguments Sees diversification, joint storage and temporary market interventions as a combination of measures, without losing sight of security of supply.
Values Stability, affordability and practicality.
Consequences Warns both against panic measures and against placing too much faith in a single energy source or supplier.
Right
Arguments Emphasises affordable energy for industry and consumers, infrastructure expansion and room for gas as long as alternatives remain insufficiently reliable.
Values Competitiveness, security of supply and national economic interests.
Consequences Fears that rapid phase-out without an affordable replacement will harm production, jobs and purchasing power.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The main movement in the gas market, the storage level and the European system assessment are supported by public sources. Causal formulations have been kept cautious and are not presented as certain.
- confirmed The European TTF gas price reached its highest level since 2022. — Market reports on 13 October cite this level and a TTF price of around €86 per megawatt hour. source
- confirmed EU gas storage facilities were approximately 73.75 per cent full on 12 October. — Gas Infrastructure Europe lists 833.43 TWh and 73.75 per cent for the EU. source
- confirmed The European Commission considers the gas system technically flexible enough for the winter. — This is stated in the communication of 8 October 2026. source
- confirmed The price rise is partly related to Norwegian outages and uncertainty around the Strait of Hormuz. — The market source identifies both factors as upward pressure; the article does not say they are the only causes. source
- confirmed A higher wholesale price does not automatically feed through directly into every household energy bill. — This follows from the difference between wholesale prices, purchasing times and contract types; the article presents it as context, not as a price forecast. source
Editor's note
The price rise and storage level have been confirmed by market and infrastructure sources. The precise contribution of individual outages and weather forecasts to the day’s price remains a market analysis, not an established causal relationship.Sources
- European gas hits highest since 2022 on Norwegian outages and Hormuz disruption — PrimeXBT
- EU gas system prepared for the winter despite lower storage levels — Europese Commissie
- Gas storage data, status 12 October 2026 — Gas Infrastructure Europe
More on this in Dutch media
- Trouw — „aardgas ttf”
- RTL Nieuws — „aardgas ttf”
- FD — „aardgas ttf”