Gas prices in Europe exceeded €30/MWh in February

In February 2026, European gas prices, according to ICE, fluctuated between €29.8 and €33/MWh, with the highest price for the month, €35.7/MWh, reached on February 6.

This month, the European gas market was influenced by geopolitical and weather factors, as well as low levels of reserves in European gas storage facilities.

In early February, price volatility was driven by concerns about threats to LNG supplies through the Strait of Hormuz, a route through which about 20% of the world’s liquefied natural gas passes, including Qatari exports.

At the end of the first week of the month, TTF futures also rose sharply due to worsening weather forecasts (on February 6, the price was €35.7/MWh). Increased demand for gas for electricity generation further contributed to the rise in prices for month-ahead contracts.

On February 17, TTF futures showed the lowest monthly settlement price – €29.82/MWh. Milder weather in Europe and the US and positive forecasts increased the availability of American export LNG, which affected prices in the third week of the month. At the same time, at the end of this period, they rose due to concerns about potential supply disruptions related to growing tensions between the United States and Iran. As of February 20, the price was €32/MWh.

On February 23-24, European natural gas futures fell amid signs of improved supplies and easing concerns about shortages.

According to the AGSI platform, as of February 23 this year, European gas storage facilities were 30.59% full (compared to 40.51% on the same date in 2025). In Germany, this figure was 20.7%, and in France, 21.1%.

Economist Norman Liebke from Commerzbank predicts that low gas withdrawal rates are likely to continue in the coming weeks – they have already fallen due to milder weather. However, he stresses that replenishing storage facilities before the next winter season remains a difficult task, and any escalation in relations between the US and Iran could lead to a reduction in global LNG supplies and a sharp rise in TTF prices.

In general, analysts predict that by the end of March (the official end of the winter season), EU gas storage facilities will be depleted due to the cold winter, and the accumulation season may be difficult due to relatively high summer prices.

It should be recalled that at the end of December 2025 and in early January this year, European gas prices fluctuated in the range of €28–29/MWh, but then rose sharply due to changes in market sentiment.