4:49 24 October 2025
European gas prices surge
European gas prices recorded their sharpest rise in more than two weeks following the EU’s latest sanctions package against Russia, which includes a ban on importing Russian liquefied natural gas, according to Reuters.
On the Dutch TTF exchange, natural gas rose 3.1% to €32.75 per MWh, briefly reaching €32.88 — the highest level since October 7. Despite the increase, prices remain around 27% lower than at the start of the year and 18% below last year’s levels.
The surge was compounded by higher oil prices after Washington sanctioned major Russian oil producers, as well as forecasts of colder weather across northwestern Europe. Additionally, Norwegian gas flows fell by 6 million cubic meters due to an outage at the Oseberg field.
EU gas storage levels stand at roughly 83%, compared with over 95% a year ago, while Poland’s reserves remain full.
