European gas prices surge amid Middle East tensions

natural gas prices energy crisis TTF index Strait of Hormuz EU gas storage

European natural gas prices have surged, with the TTF index exceeding 88 euros per megawatt-hour, marking the highest levels since early 2023. This spike is driven by geopolitical instability in the Middle East, particularly around the Strait of Hormuz, which threatens global liquefied natural gas (LNG) supplies and increases risk premiums.

European gas storage levels are currently estimated between 73% and 74% capacity, which is significantly lower than the historical average of 89% for this period. This low storage, combined with high global competition for LNG, has heightened concerns regarding energy security as the heating season approaches.

In Bulgaria, experts note that while the country benefits from long-term, oil-indexed contracts from Azerbaijan at approximately 30 euros per megawatt-hour, these only cover about half of national consumption. The remaining supply must be purchased at volatile market rates. Meanwhile, in France, projections suggest the 2026-2027 winter could be exceptionally expensive for households due to these market fluctuations.

Entities

BulgarGaz · European Union · IMF · International Energy Agency · Selectra · Strait of Hormuz · TTF

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] European gas prices have increased by more than 212 percent since the beginning of the year. elperiodicodelaenergia.com · nezavisen.mk
[● 4 SOURCES] Geopolitical tensions in the Middle East and the Strait of Hormuz are impacting gas and LNG supplies. www.groentennieuws.nl · elperiodicodelaenergia.com · nezavisen.mk · www.melty.fr
[● 2 SOURCES] EU gas storage levels are at approximately 73-74 percent capacity. elperiodicodelaenergia.com · nezavisen.mk
[○ 1 SOURCE] TTF gas prices reached 88.03 euros per megawatt-hour on Friday. elperiodicodelaenergia.com
[○ 1 SOURCE] Bulgaria uses long-term, oil-indexed gas contracts from Azerbaijan at approximately 30 euros per megawatt-hour. www.actualno.com
[● 2 SOURCES] The Strait of Hormuz is experiencing significant shipping disruptions. www.groentennieuws.nl · www.melty.fr
[○ 1 SOURCE] TTF gas prices reached their highest level since late 2022. nezavisen.mk
[○ 1 SOURCE] EU gas storage levels are lower than the historical average for this period. elperiodicodelaenergia.com