Europe gas tops €100 as Qatar LNG deliveries are suspended and storage falls to 75%

European natural gas prices crossed €100 per megawatt-hour today for the first time since December 2022, up more than 250% this year. QatarEnergy extended its suspension of LNG deliveries to Italy’s Edison through December, while EU gas storage sat at just 75% on October 21, below last year’s level. On October 12, Reuters warned that depleted reserves could keep European gas prices elevated into 2027. Europe is heading into winter with less gas in storage, disrupted supplies from Qatar and greater competition for LNG cargoes. Another cold spell or escalation of the Iran war could push prices even higher.

€100 gas right as winter hits is brutal. heating bills and factory costs are about to feel this.
hoping it's a spike and not a long squeeze 🥶
— UBIDA (@ubida_74) October 28, 2026