Business · Energy & Commodities · 6 hrs ago
European gas prices rise more than 150% as UK reserves remain low
European gas prices have risen more than 150% this year, and Britain is facing a period of tight supply and high costs.
At the start of October, UK gas storage was 48% full, far below levels in Portugal and Poland.
Britain has less storage than many European countries and capacity equal to about seven days of average winter demand.
The country is not expected to run short of gas this winter, but low reserves leave it more exposed to supply disruptions and competition for liquefied natural gas.
The Iran war is disrupting some Gulf gas exports, and European storage is also below its level a year ago.
Higher gas prices could raise household bills and add to inflation and pressure on Britain’s economy.
Prices may remain high into next year as countries compete for gas and refill depleted reserves.
European gas prices have risen more than 150 per cent this year, raising the prospect of higher bills and renewed inflation in Britain.
Britain’s underground gas storage was 48 per cent full at the start of October, leaving the country exposed to tight supply and price rises.
Britain is unlikely to run short of gas this winter, but unusually cold weather or supply disruptions could increase competition for liquefied natural gas.
European gas storage is expected to be 75 to 78 per cent full by November 1, below the five-year average.
The Iran war is disrupting liquefied natural gas exports from the Gulf, while analysts warn that supply pressures could continue into next year.
- Who
- Britain and European gas markets.
- What
- European gas prices have risen more than 150 per cent this year as storage levels remain low and supply risks threaten to keep prices high.
- When
- Prices have risen this year; Britain’s gas storage was measured at the start of October 2026.
- Where
- Britain and Europe.
- Why
- Low storage and disruptions to liquefied natural gas exports from the Gulf are tightening supply and increasing competition for gas.
This story does not have two clearly opposing sides.
European gas prices rose more than 150 per cent this year.
Britain’s underground gas storage was 48 per cent full, while EU storage was 72 per cent full.
Britain’s National Energy System Operator issued a precautionary margin notice as weak wind generation tightened available supplies.
European gas storage is expected to be 75 to 78 per cent full.
- European gas price rise
- More than 150 per cent this year
- Britain’s gas storage
- 48 per cent full at the start of October
- Britain’s storage capacity
- About seven days of average winter demand
- EU gas storage
- 72 per cent full at the start of October
- Expected European storage
- 75 to 78 per cent full by November 1
What people are saying
The greater risk is not a physical shortage of gas, but a period of tight supply, higher prices and increased competition for LNG cargoes if winter is unusually cold or if there are disruptions to Norwegian supplies or global gas markets
It’s not just this coming winter that we are tight, but we risk being tight the next summer
Sources
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