Gas prices have reached new heights
Record prices reflect Europe’s winter gas fears
It is difficult to predict just how the continent’s supply and demand will balance
The benchmark Ice TTF front-month European gas contract crested a new record high above €225/MWh ($227/MWh) in mid-August, having previously shied away from €200/MWh in early March’s previous peak, with over-the-counter (OTC) prices following suit (see Fig.1). The eye-watering price levels are testament to the fear and uncertainty over how Europe might cope if Russia cuts supply further—a bellicose statement by Russia’s Gazprom was the catalyst for the latest price spike. But it may also be a reflection of a traded gas market that has become both less liquid, therefore amplifying price moves, and more prone to moving on rumour rather than fundamentals.
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
