Business · Energy & Commodities · 1 hr ago
European Gas Prices Fall After Briefly Reaching a Four-Year High
European gas prices fell after briefly reaching €90 per megawatt-hour, their highest level in almost four years.
The Dutch benchmark futures dropped as much as 5.3% during the session and were down 4.2% at €84.32 later Tuesday.
Prices remain more than double their level before the Iran war, which has disrupted Middle Eastern fuel supplies.
Europe’s gas storage is about 75% full, the lowest for this time of year in records dating to 2009; Germany’s is just over 61%.
Low reserves and competition for liquefied natural gas could force Europe to pay more as winter demand rises, especially with Asian buyers also seeking fuel.
Mild weather has helped companies refill storage faster than usual, but there is no sign of a recovery in Persian Gulf exports.
Prices could climb above €90 again next week, according to a Rabobank energy strategist, while the region watches for changes in the conflict and gas shipments.
European natural gas prices fell sharply after briefly reaching €90 per megawatt-hour, their highest level in almost four years.
Dutch benchmark futures dropped as much as 5.3% later in the session, erasing an earlier gain.
Some traders took profits after the recent rally, while low storage levels and disrupted Middle Eastern supplies kept pressure on the market.
European gas-storage sites were about 75% full, the lowest seasonal level in records going back to 2009.
- Who
- European natural gas traders and market participants.
- What
- European gas prices fell after briefly rising above €90 per megawatt-hour.
- When
- Tuesday, October 20, 2026.
- Where
- European markets; the benchmark is Dutch front-month gas futures.
- Why
- Some traders took profits after the recent rally. Low European inventories and disrupted Middle Eastern supplies also left prices vulnerable.
This story does not have two clearly opposing sides.
The European gas price rose above €90 per megawatt-hour for the first time since 2022.
Dutch benchmark futures fell as much as 5.3% after reaching an earlier high of €90.24.
- Price high
- €90.24 per megawatt-hour
- Price at 5:06 p.m. in Amsterdam
- €84.32 per megawatt-hour, down 4.2%
- European storage
- About 75% full, the lowest seasonal level in records going back to 2009
- German storage
- Just over 61% full
2 sources
What people are saying
We are seeing a bit of a correction after the €90 ceiling was reached
But I think we have potential to go above that level again in the next week