Europe heads into winter with gas storage low and prices at 2022 highs

Month-ahead gas, Dutch TTF hub

1,040 US$ per 1,000 cubic metres

Month-ahead gas at the Dutch TTF hub rose from US$944 to US$1,040 per 1,000 cubic metres in the week to Oct 17, above US$1,000 for the first time since 2022.

European gas storage stood at about 67 per cent full in September, against a seasonal average of about 80 per cent; Germany, with the largest capacity, is roughly half full.

"A month and a half ago they estimated an October price corridor of $800 to $900. In fact, prices reached $1,000 to $1,100."

— Alexei Miller, head of Gazprom

EU energy commissioner Dan Jorgensen warned of a hard winter with very high oil and gas prices, but said no supply problems are expected.