Dutch and British wholesale gas prices reached their highest levels since December 2022 as cooler forecasts and disrupted LNG shipping tightened supply. Europe’s 2026 LNG bill is expected to rise at least $12 billion, or 18%, even as demand falls by 24 million tonnes.
The Dutch front-month gas contract rose €3.54 to €97.39 per megawatt hour, while the British contract gained 9.90 pence to 240.74 pence per therm. Both were at their highest since December 2022.
Ship attacks in the Strait of Hormuz have disrupted LNG shipments, while European gas storage remains low and forecasts turned colder. Colder temperatures are expected to increase heating demand next week, and Norwegian outages are constraining exports. European storage filling appears to have peaked at 74.6%, while Norway’s nominated exports stood at 324 million cubic metres per day.
Rystad Energy estimated that 2026 global LNG portfolio costs would reach $256 billion, up 18% from its pre-war estimate. It said Europe’s LNG bill would rise by at least $12 billion, or 18%, even as demand falls by 24 million tonnes. The International Energy Agency’s head said energy markets would remain tighter than pre-war levels in 2027.
