European gas price tops €100/MWh intraday: ICE

The Dutch TTF November 2026 natural gas contract surpassed €100/megawatt-hour in intraday trading on Oct. 28, according to data from the Intercontinental Exchange.

The European benchmark was trading at €100.425/MWh as of 1503 GMT, ICE data showed.

Platts, part of S&P Global Energy, assessed the month-ahead TTF index at €95.83/MWh at the close on Oct. 27. The assessment has risen some 31% since Oct. 1.

The last time Platts assessed the month-ahead Dutch TTF gas price above €100/MWh was Dec. 20, 2022, amid market strains following the early months of Russia's invasion of Ukraine.

The cross into triple-digit trading comes as winter approaches and Europe grapples with record-low gas storage levels, as well as continued supply-side uncertainty linked to the ongoing war in the Middle East.

Gas storage across the EU was filled to just 74.9% of capacity as of Oct. 26, according to the latest data from Gas Infrastructure Europe. The current fill is the lowest on record for this time of year, GIE figures going back to 2011 showed. At the same time in 2025 and 2024, stores were filled to 82.9% and 95.3%, respectively.

Market watchers have warned the lagging storage leaves the continent more vulnerable to weather-related volatility, with less of a buffer to absorb sharp shifts in demand.

One London-based trader also highlighted an "El Niño bear trap," arguing that expectations for a warmer winter on the back of the global weather phenomenon have lulled buyers into complacency.

Tight balances

Inter-basin competition is another factor contributing to upward pricing pressure.

With LNG transit through the Strait of Hormuz still heavily constrained, buyers in Europe and Asia are vying with each other for a scarcer number of cargoes.

The spread between the Platts JKM benchmark for LNG delivered into Northeast Asia and the DES Northwest Europe benchmark remains, on average, well above its level before the start of the Iran war.

Moreover, while the spread had recently been easing on a three-month rolling average basis, the slide has halted and even reversed slightly over the past few days.

An Atlantic-based trader voiced skepticism that reaching the €100/MWh milestone would spark a selloff.

"At this stage, it just keeps on going," the second trader said. "Balances are too tight."