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FrontRow · Aug 27, 2026

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Europe is struggling to fill its natural gas stores ahead of winter, raising the risk that competition with Asia for supplies will push prices above 100 euros (around $117) per megawatt-hour for the first time since its energy crisis four years ago. European benchmark Dutch TTF futures climbed above 68 euros per megawatt-hour on Tuesday, the highest level since early 2023, before easing slightly. A cold winter combined with continued supply constraints could send prices to between 90 and 120 euros per megawatt-hour, Tancrede Fulop, senior equity analyst at Morningstar, told CNBC. Analysts at Goldman Sachs said in a note published that if Middle East LNG exports "normalize only gradually through 2027," natural gas futures would need to rise above 100 euros per megawatt-hour to curb Asian demand enough for Europe to manage its storage levels through winter.

Europe is struggling to fill its natural gas stores ahead of winter, raising the risk that competition with Asia for supplies will push prices above 100 euros (around $117) per megawatt-hour for the first time since its energy crisis four years ago. European benchmark Dutch TTF futures climbed above 68 euros per megawatt-hour on Tuesday, the highest level since early 2023, before easing slightly. A cold winter combined with continued supply constraints could send prices to between 90 and 120 euros per megawatt-hour, Tancrede Fulop, senior equity analyst at Morningstar, told CNBC. Analysts at Goldman Sachs said in a note published that if Middle East LNG exports "normalize only gradually through 2027," natural gas futures would need to rise above 100 euros per megawatt-hour to curb Asian demand enough for Europe to manage its storage levels through winter.

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