Europe gas price tops €100 as Asian LNG hits highest level since 2022

The Europe gas price has broken above €100 per megawatt-hour (MWh), or ~$112, for the first time since December 2022. On 28 October 2026, the front-month Dutch TTF contract traded at €100.37/MWh ($112.13), up more than 4% on the day. Before the Iran war began in late February 2026, it stood at ~€32 ($35.75).

At the same time, Asian spot LNG prices rose for a fourth week in a row. The average price for December delivery into north-east Asia reached $32.50 per MMBtu in the week to 30 October 2026. That is the highest level since mid-December 2022, up from $30.50 a week earlier.

Why the Europe gas price jumped

Low storage is the main worry. EU gas storage stood at 75% on 21 October 2026, according to the EU energy regulators’ agency, ACER. By contrast, the bloc’s usual target is 90% by 1 November. Storage sites were only 28% full at the end of last winter, against a nine-year average of ~40%.

Supply is also tight. The war has cut LNG shipments from Qatar, and almost no Qatari LNG reached the EU over the summer. As a result, the US now supplies ~30% of the EU’s gas. “Once again, due to geopolitical turbulence, Europe faces another energy crisis,” said EU Energy Commissioner Dan Jørgensen.

ACER estimates the war has added €18bn-€33bn ($20.1bn-$36.9bn) to Europe’s gas import bill. Even so, prices remain far below the record of ~€340 ($380) in August 2022. Moreover, EU gas demand is ~20% lower than before the 2022 crisis, so stored gas lasts longer.

Asia competes for the same cargoes

Europe must now compete with Asia for spare LNG this winter. Buyers in Vietnam and India have issued spot tenders, according to Kpler. Meanwhile, Houthi attacks on Saudi energy sites have added to supply fears. However, Kpler noted that subdued north-east Asian demand and signs of recovering Qatari loadings capped the rise.

In Europe, S&P Global assessed north-west European LNG at $31.91/MMBtu, a $0.50 discount to TTF. Shipping costs rose too. Atlantic LNG freight climbed to $28,000 a day, while Pacific rates reached $44,500 a day. For more on the Qatar shortfall, read our analysis of the Qatar LNG supply gap and South Asia.

What the Europe gas price means for India

For India, high spot LNG prices make imported gas costly for power plants, fertiliser makers and city gas firms. In addition, Indian spot tenders now compete directly with European buyers. Consequently, more Indian users may switch to cheaper fuels while prices stay high.

What to watch next

First, watch the weekly EU storage data as heating demand starts in November 2026. Second, look for any return of Qatari LNG loadings. Finally, colder weather in Asia or Europe could push prices higher still.