European gas prices rise to $1,020 per 1,000 cubic metres

European gas prices climbed to $1,020 per 1,000 cubic metres on October 13, after sitting near $950 the day before.

The price refers to November futures on the TTF, a major gas trading hub in the Netherlands.

Prices had risen sharply in recent months, with conflict in the Middle East contributing to a rise in March and further increases over the summer.

The EU’s underground gas storage was more than 71.5% full at the end of September, but that was the lowest level for that time of year in records going back to 2011.

Low storage has raised concern about winter supply, and a European network forecast says reserves could fall to 11% of capacity by winter’s end if LNG supply limits continue and Russian pipeline imports stop completely.

The outlook depends on supply conditions, while the latest price increase comes amid concern about how much gas Europe will have through winter.