European natural gas prices held near their highest levels since 2022 as traders
rush to refill depleted stocks ahead of the heating season, while the Middle
East crisis remains unresolved. Benchmark futures climbed as much as 4% before
giving back gains and were trading around €81/MWh. High prices are needed to
attract more LNG cargoes to shore; regional storage is about 68% full and
Germany, Europe’s largest energy market, is only ~56% full. After reports the
government has consulted state energy firms on supporting storage purchases,
traders are watching Germany’s procurement activity. Low inventories have also
pushed next-year gas curves higher: the 2027 summer contract is trading at a
record premium to the following winter, a structure that makes injections
uneconomic and, if global supply stays tight, risks a third consecutive year of
weak summer refills.
