European natural gas prices hit a multi-year high on Tuesday, October 13, 2026, as the TTF one-month futures contract rose 3 percent to 87.20 euros per megawatt hour in Amsterdam. This marks the highest price level recorded for the region since late 2022.
The market surge follows Houthi rebel attacks on a Saudi Arabian airport and merchant ship strikes in the Strait of Hormuz. Commerzbank expert Norman Liebke notes Qatar, a major LNG exporter, is currently operating at only 20 to 30 percent of its capacity.
German gas storage levels sit at 60 percent, well below the 87 percent five-year average. In response, the government ordered SEFE to procure additional supplies. Prices have tripled since early 2024 and increased by over 20 percent since October 1 alone.