Europe
European gas hits 97.64 euros per MWh, the highest price in almost four years
On the Amsterdam exchange, natural gas for next-month delivery rose nearly 3% in a day and has tripled since the start of the year, while traffic through Hormuz has almost stopped.
By ANN Newsroom · Newsroom
October 26, 2026, 17:30 · Updated 18:41 · 1 min read
In brief
- The price of gas for next-month delivery reached 97.64 euros per megawatt-hour in Amsterdam.
- Gas has risen by about a third since the start of October and has more than tripled since January.
- German gas storage is more than 61% full, down from about 75% at the same time a year ago.
The price of natural gas in Europe climbed on Monday to its highest level in almost four years. On the Amsterdam exchange, gas for next-month delivery reached 97.64 euros per megawatt-hour, close to the symbolic 100-euro mark, ATSH reported, citing the DPA agency.
Compared with Friday, the rise was nearly 3%. Since the start of October the price has risen by about a third, while since the start of 2026 it has more than tripled. A similar spike was recorded at the start of the war in Ukraine, when the price topped 300 euros per megawatt-hour.
Hormuz and storage
The main cause is the war with Iran. Part of the liquefied natural gas shipped by sea passes through the Strait of Hormuz, where maritime traffic has almost stopped, making supply harder.
Additional pressure comes from Europe's need to fill its reserves before winter. Germany, the EU's largest economy, has been trying for several weeks to increase its reserves. German storage is currently more than 61% full, compared with about 75% at the same time a year earlier.
Rising wholesale prices do not pass immediately into household bills, because most supply is covered by long-term contracts. However, according to an analysis by the Verivox portal cited by DPA, household gas prices in the German state of Baden-Württemberg have risen 22% over the past 12 months.
