Europe’s gas stores are running low — and prices could top 100 euros this winter

The tanker LNG ENTERPRISE unloads liquefied natural gas from the Lake Freeport LNG terminal in the United States at the Revithoussa terminal near Athens, Greece, on May 2, 2026. With the conflict in Iran causing disruptions to global gas supplies, US LNG deliveries to Europe have become significant. Nurphoto | Nurphoto | Getty ImagesEurope is struggling to fill its natural gas stores ahead of winter, raising the risk that competition with Asia for supplies will push prices above 100 euros (around $117) per megawatt-hour for the first time since its energy crisis four years ago.European benchmark Dutch TTF futures climbed above 68 euros per megawatt-hour on Tuesday, the highest level since early 2023, before easing slightly.A cold winter combined with continued supply constraints could send prices to between 90 and 120 euros per megawatt-hour, Tancrede Fulop, senior equity analyst at Morningstar, told CNBC.Analysts at Goldman Sachs said in a note published Sunday that if Middle East LNG exports "normalize only gradually through 2027," natural gas futures would need to rise above 100 euros per megawatt-hour to curb Asian demand enough for Europe to manage its storage levels through w...