European wholesale natural gas prices advanced more than 3% on Wednesday as disruptions to energy shipments through the Persian Gulf and lower regional storage levels continued to affect supply conditions ahead of the winter heating season.
The benchmark Dutch TTF front-month contract rose 3.1% to €87.95 per megawatt-hour (MWh), while UK National Balancing Point (NBP) natural gas futures increased 3.2% to 216.57 pence per therm. Both contracts were trading near their highest levels since late 2022.
The price increases coincided with the publication of UK inflation figures showing that annual consumer price inflation reached 3.5% in September, up from 3.1% in August and above market expectations.
Higher energy import costs remain a consideration for the British economy, which relies on pipeline gas and liquefied natural gas (LNG) shipments to meet domestic heating and electricity generation requirements.
The UK’s relatively limited long-term gas storage capacity also leaves the country dependent on continuing imports during periods of increased demand.
European gas benchmarks have recorded substantial gains since the beginning of 2026. Dutch TTF prices were approximately 210% higher year to date, while the UK NBP benchmark had risen around 196%.
Supply disruptions in the Persian Gulf have contributed to the increase in prices. Maritime strikes and restrictions affecting transit through the Strait of Hormuz have reduced the availability of LNG shipments from the Middle East.
According to the reported figures, Middle Eastern LNG deliveries to Europe were nearly 80% below their level a year earlier.
The reduction in available supplies has increased competition between European and Asian importers for LNG cargoes from the Atlantic basin, particularly those not already committed under long-term contracts.
European gas storage inventories have also become an important factor as the winter heating season approaches.
Underground storage facilities across Europe were reported to be approximately 74.6% full, their lowest seasonal level since 2009.
The lower storage level reduces the volume of gas available to meet additional demand or compensate for interruptions to imported supplies.
The combination of restricted LNG shipments, competition for alternative cargoes and reduced storage inventories has contributed to higher wholesale gas prices across Europe.
The latest UK inflation figures have added to the broader economic context, although the immediate movement in gas futures primarily coincided with developments affecting supply availability and expectations for winter demand.
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