European natural gas prices climbed back above €77/MWh on Friday, rebounding after three consecutive sessions of declines, as concerns over depleted reserves and disrupted LNG shipments remained in focus. The region is heading into winter with relatively low storage levels after the US–Iran war sharply reduced LNG exports from the Persian Gulf, while record summer heatwaves hindered efforts to rebuild inventories.
By late autumn, underground storage facilities were only about 68% full, well below typical seasonal levels and the EU’s target of 80% capacity by December. Strong demand from Asia and other importers is also expected to intensify competition for LNG cargoes once colder weather arrives, leaving Europe more vulnerable to renewed price spikes.
European gas prices have nearly tripled since the start of the year and earlier this week hit their highest level since December 2022. Even with Friday’s rebound, however, prices ended the week more than 2% lower, marking their first weekly decline in six weeks.
