Europe Gas Prices Jump 6% as Saudi Pipeline Shutdown Rattles Markets

Europe's benchmark natural gas prices surged by 6% at the opening of Monday's Amsterdam market, as oil prices climbed in the Middle East. The Dutch Title Transfer Facility TTF, which sets Europe's gas trading benchmark, saw its front-month price rise to $97.31 or 84.275 euros per megawatt-hour MWh, surpassing the January 2023 levels when Europe first experienced winter without most of the Russian pipeline gas supply.

Gas prices in Europe have been on a steady climb, having increased for five consecutive weeks, as supply risks in the Middle East intensified over the weekend. The Saudi-led shutdown of the East-West oil pipeline, a critical route around the Strait of Hormuz, raised concerns about energy flows and energy recovery amid the Middle East crisis.

Europe's gas storage levels stand at less than 70% of capacity, lower than the 82% seen in 2025 and the five-year average above 80%. The war in the Middle East has disrupted LNG supply from Qatar, causing gas and LNG prices to skyrocket in Europe and Asia, intensifying competition for available global LNG cargoes. Analysts warn that the potential for a global 'fight for fuel' exists, especially if winter weather intensifies.