XLE & Oil

European Natural Gas Prices Rise on Middle East Escalation

OilPrice.com·Oct 22, 2026 · 9:30 AM CT
Readthrough summary

The front-month Dutch TTF contract, Europe's gas benchmark, was up 2.7% Thursday morning at nearly 90 euros per megawatt-hour, about $29.50 per MMBtu. That is the highest level since December 2022, Europe's first winter without most Russian pipeline gas.

The move tracked a roughly 3% jump in oil as the Saudi-Houthi conflict escalated and Iran said it had hit several tankers doing transfers in the Persian Gulf. Brent touched a five-month high of $112 a barrel early Thursday.

EU storage sites were 74% full as of Oct. 21, according to Gas Infrastructure Europe, well below the usual 86% for this point in the year. Saxo Bank's Ole Hansen warned that a long cold spell combined with new LNG disruptions could push prices sharply higher. Consultancy Timera Energy's winter outlook assumes the Strait of Hormuz stays closed through the fourth quarter.

Summary written by Readthrough from the original article. The full story, with photos and any updates, is at OilPrice.com.

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