European gas prices hit a one-month high as storage runs below average

Gas prices in Europe are at their highest level in a month. TTF contracts in Amsterdam rose 0.4% to €81.75 per megawatt-hour. Analysts warn that colder weather could boost gas demand for heating.

EU gas storage is 73.6% full, against a five-year average of 88.6%. In Germany storage is 59.8% full versus an average of 87.2%, and in France 87% against 95%. Analysts describe the stocks as “emptier” than usual for this time of year, and say Europe will have to import more LNG.

Supplies are limited by tensions in the Middle East caused by the war. Before the conflict began in late February, about a fifth of the world's LNG supplies came from the region.