European gas prices in the second half of June stood at €40–42/MWh

In early June 2026, TTF futures for the following month fluctuated between €40 and €42 per MWh.

Despite the fall in prices, which occurred against the backdrop of the signing of an interim memorandum between the US and Iran on 15 June, as well as the expected resumption of shipping through the Strait of Hormuz for 60 days, the European market remains volatile and sensitive to events in the Middle East – and not just political ones.

In particular, on 21 June, an explosion occurred in the Ras Laffan industrial zone in Qatar, at a facility belonging to the world’s largest LNG production complex. The country’s authorities stated that the cause was a technical error during the restart of operations. As Bloomberg notes, the incident highlighted the risks facing the region’s energy facilities, which are ramping up production following the ceasefire between the US and Iran.

On 24 June, Qatar’s Prime Minister stated that the country would resume normal liquefied natural gas production within a few weeks.

Gas prices in Europe this week are being driven up by the heatwave in the region, which is boosting short-term energy consumption.

European gas storage facilities are currently being filled in preparation for the 2026/2027 winter season, which is another factor putting pressure on the market. As of 23 June 2026, they were almost 47% full (compared with 56.2% on the same date last year). The five-year average stands at 61 per cent.

It is worth recalling that in early June, European gas prices reached €48–49/MWh. At that time, warnings were issued in the market that LNG prices and competition for it could rise in the summer if supply disruptions were compounded by a heatwave in Asia.