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
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
