European and British wholesale natural gas prices remained broadly stable on Friday, 16 October 2026, trading near their highest levels since late 2022 as concerns over liquefied natural gas (LNG) deliveries, Norwegian infrastructure disruptions and relatively low European storage levels continued to influence the market.
The benchmark Dutch Title Transfer Facility (TTF) front-month futures contract traded at approximately €86.10 per megawatt-hour (MWh), little changed during the session. The contract was heading for a weekly increase of almost 6%, marking its third consecutive week of gains.
In Britain, the National Balancing Point (NBP) wholesale gas contract held near 213.00 pence per therm, putting it on course for a weekly rise of 5.3%.
Supply concerns remained a principal factor supporting prices, while forecasts of milder temperatures helped limit further increases during Friday’s trading.
Dutch TTF Gas Futures Approach Highest Levels Since 2022
The Dutch TTF front-month natural gas contract traded at €86.10/MWh on Friday, remaining close to its highest level since late 2022.
Prices were broadly unchanged on the day following a period of sustained increases.
The European benchmark was heading for a weekly gain of almost 6%, extending its upward movement for a third consecutive week.
The recent increases have coincided with disruptions affecting international LNG shipments and pipeline deliveries into Europe.
Market participants have also been assessing the implications of lower regional gas inventories ahead of the winter heating season.
Although prices stabilised during Friday’s session, the underlying supply concerns remained unresolved.
UK Wholesale Gas Prices Rise 5.3% Over the Week
British wholesale natural gas prices followed a similar pattern to those in continental Europe.
The UK NBP contract traded at approximately 213.00 pence per therm, with limited movement during Friday’s session.
The contract was heading for a weekly increase of 5.3%, extending its gains for a third consecutive week.
The movements reflected the interconnected nature of European gas markets, where developments affecting international LNG availability and regional pipeline supplies can influence prices across multiple trading hubs.
Britain and continental Europe both depend on a combination of domestic production, pipeline imports, LNG deliveries and stored gas to meet demand.
The recent price increases have occurred as traders reassess the availability and cost of gas supplies ahead of winter.
Strait of Hormuz Disruptions Affect LNG Deliveries
Maritime security concerns near the Strait of Hormuz have contributed to uncertainty surrounding global LNG supplies.
According to the market report, continuing attacks on shipping and changes in targeting tactics have restricted LNG deliveries moving through the Persian Gulf.
The disruption has affected the movement of seaborne gas supplies towards international markets, including Europe.
Some LNG carriers have faced extended journeys and higher transportation costs because of rerouting around the Cape of Good Hope.
Longer shipping routes have delayed the arrival of spot LNG cargoes at European regasification terminals.
These developments have contributed to concerns about the availability of imported gas and the costs associated with securing replacement supplies.
The report does not quantify the total volume of LNG deliveries delayed or disrupted.
Norwegian Gas Infrastructure Outages Reduce Pipeline Supplies
European gas markets have also been affected by unplanned maintenance interruptions at Norwegian energy infrastructure.
Earlier in the week, outages at several facilities reduced the availability of pipeline gas deliveries to Western European markets.
The disruptions included reduced processing capacity at Norway’s Kårstø gas processing plant.
Lower processing volumes constrained the amount of gas available for delivery through the pipeline network.
The interruptions added to existing concerns about LNG imports, increasing competition for supplies available on European wholesale markets.
Norway is an important pipeline gas supplier to European countries, making changes in its infrastructure availability relevant to regional gas prices.
The supplied report does not specify when normal processing capacity at the affected facilities is expected to resume.
European Gas Storage Levels Stand at Approximately 74%
European Union underground natural gas storage facilities were approximately 74% full, according to the figures cited in the market report.
That compares with a historical average of around 86% for mid-October, leaving current inventories 12 percentage points below the level typically recorded at this time of year.
The difference indicates that the region is entering the winter heating period with a smaller inventory buffer than usual.
Stored gas is an important source of supply during colder months, when heating demand generally increases.
Lower inventories can increase the market’s sensitivity to unexpected supply interruptions or periods of stronger consumption.
The current storage position has therefore become an important consideration for traders assessing European gas prices over the coming months.
Milder Weather Forecasts Limit Friday’s Price Movements
Short-term weather forecasts indicating relatively mild temperatures helped stabilise European natural gas prices during Friday’s session.
Milder conditions can reduce heating demand and limit the immediate need to withdraw gas from storage facilities.
However, the influence of weather forecasts was balanced by concerns about LNG shipments, Norwegian pipeline deliveries and the region’s storage position.
Market participants remain attentive to the possibility of colder weather later in October.
A period of unexpectedly low temperatures could increase demand for gas at a time when storage levels are below their historical average.
Additional interruptions to LNG deliveries or pipeline supplies could also place renewed upward pressure on wholesale prices.
These remain potential scenarios rather than confirmed future developments.
European Gas Markets Face Supply Risks Ahead of Winter
European natural gas prices were on course to complete a third consecutive week of gains, with Dutch TTF futures approaching a 6% weekly increase and British NBP prices rising approximately 5.3%.
The advances have been supported by uncertainty over LNG deliveries through the Persian Gulf, disruptions to Norwegian gas infrastructure and European storage levels below their historical mid-October average.
Although forecasts of milder weather helped keep prices broadly stable on Friday, supply conditions remain an important factor in the market outlook.
Further price movements will depend on developments in international LNG shipping, the restoration of Norwegian gas processing capacity, weather conditions and the rate at which European storage inventories are drawn down.
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