Gas prices in Europe fall on Wednesday amid shortage of Gulf LNG supplies
European gas contracts fell on Wednesday, 14 October 2026, to around €84.5–85.4 per megawatt-hour, with storage at about 73% and continued pressure from a shortage of Gulf LNG supplies via the Strait of Hormuz.
Gas prices declined in Europe on Wednesday, 14 October 2026, from their peak recorded the previous day, in a trading session that eased some immediate pressure on the European market ahead of the winter heating season.
The Dutch front-month 'TTF' contract moved during the session in a range around €84.7 to €87.2 per megawatt-hour, with readings clustered between about €84.5 and €85.4 at different points of the day, after prices touched their highest levels since late 2022 near €87 in the previous session. This partial pullback is a respite from the rally that accompanied supply tensions, without returning prices to the calmer levels of the past two years.
The underlying picture remains tight with winter approaching: EU underground gas storage is at about 73% of capacity, i.e. below the typical seasonal averages for mid-October, while continued disruptions to transit routes in the Middle East are curbing liquefied natural gas (LNG) shipping schedules, including Qatari supplies that rely mainly on the Strait of Hormuz. This Gulf shortfall limits Europe's ability to offset any early withdrawals from stock if cold weather intensifies.
Weather forecasts point to a possible cold spell in northeastern Europe in the coming days, which could boost heating and power-generation demand and put upward pressure back on futures. At the same time, European buyers are seeking to attract Atlantic-basin LNG shipments to plug the gap from reduced Gulf supplies, in direct competition with Asian buyers for prompt cargoes.
Observers are advised to distinguish the intraday Wednesday pullback from the structural pressures linked to storage and Gulf navigation; any short-term price improvement does not eliminate Europe's need for steady LNG supplies before the peak of winter. The above figures are market readings that may change with market close and updates to weather and supply.
Read also: Middle East oil exports exceed pre-war levels in September despite attacks on the Strait of Hormuz
