FX.co ★ European Natural Gas Hovers Near Multi-Year Highs

European natural gas prices remained above €87/MWh on Thursday, just below their highest level in nearly four years, as tight Middle Eastern LNG supply and low storage levels deepened concerns over winter availability. Ongoing attacks on vessels in the Strait of Hormuz have cast doubt on how quickly regional gas shipments can recover, with LNG exports currently about 80% below their levels of a year ago. Alternative suppliers have limited scope to quickly offset the loss of Gulf volumes, heightening the risk that tight market conditions could persist into 2027. As of October 21, European gas storage was at 74.58% of capacity, the lowest level for this date since records began in 2009, leaving the region with a thinner supply buffer heading into winter.