Europe's Race to Refill Gas Storage Pushes Prices Above $1,000, Expert Says

The price of natural gas in Europe has risen sharply as buyers rush to fill storage facilities ahead of the winter heating season, according to an expert cited by the Russian news agency TASS.

TASS reported that the October futures contract at the Title Transfer Facility (TTF) hub in the Netherlands, a benchmark for European gas prices, exceeded $1,000 per 1,000 cubic meters for the first time since December 2022.

The unnamed expert quoted by TASS attributed the price increase to a shortage of liquefied natural gas (LNG) on the global market, which the expert said is forcing European buyers to compete more intensely for available supplies as they work to build up gas storage levels before demand rises in the colder months.

TASS did not provide additional details on the identity of the expert or further data on storage levels, supply volumes, or the broader market context beyond the price threshold reached at the TTF hub.

Gas prices in Europe have been closely watched since the disruption of major pipeline supplies from Russia following the start of the war in Ukraine, which prompted European countries to seek alternative sources, including LNG imports, to secure energy supplies.