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Author: David Callanan

Line chart showing Dutch TTF front-month natural gas prices in €/MWh rising about 75% since January 2025–2026, with a sharp jump in 2026 (Source: IEEFA).

Gas-fired generation continues to drive European electricity prices

Global gas prices map showing TTF, JKM, Henry Hub and regional natural gas and LNG benchmarks in May 2026.

Global gas prices remain elevated as Europe and Asia outpace the US market

Map showing the Northern Sea Route linking Russian LNG export terminals with Asian markets, compared with the traditional shipping route via the Suez Canal and Strait of Malacca.

Russian LNG cargoes reach Asia earlier amid Hormuz disruption

Chart showing how new LNG supply from the United States, Canada, Africa and other producers offset 90% of the LNG shortfall caused by disruptions to Qatar and UAE exports through Hormuz in May.

New LNG supply offsets 90% of Hormuz shortfall in May

Chart comparing LNG import competitiveness across major European markets, showing Italy and Germany emerging as the strongest destinations for LNG cargoes ahead of winter

Italy and Germany emerge as leaders in competition for LNG cargoes this winter

Chart comparing 2026 European gas storage injection and withdrawal rates against the 15-year average

European gas storage faces difficult path to refill targets

Line chart of TTF gas prices 2025–2026 under scenarios: H2 2026, cal-28, cal-27, and 1M forward; notes on upside risk and market expectations

A new perfect storm for European gas prices in the making

Dutch TTF Natural Gas Futures quote for JUN26: last 50.005, time 5/15/2026 3:23 PM, change +4.931, volume 88,590. Chart shows intraday rise through the day.

European gas security complacency is being tested again

Line chart of TTF prices in €/MWh from late Jan to mid-May 2026, breaching the €50/MWh mark with a dashed 50 line; annotations point to Hormuz closure, Attacks on Ras Laffan, Ceasefire agreement, and a wait-and-see mode period as prices rise and fall.

TTF prices breach €50/MWh as LNG supply concerns return to European gas market

Stacked bar chart showing top-5 EU regions by value of Russia's fossil-fuel purchases in April 2026, in billions of EUR, broken down by LNG (peach), Pipeline gas (orange), and Crude oil (purple). France has the highest total, followed by Hungary, Belgium, Slovakia, and Spain; each bar aggregates the three fuel types to show overall expenditure per region. Source line visible beneath.

Russian LNG exports to Europe remain resilient as gas market tensions intensify

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