European gas prices rise 3% as EU storage falls well below seasonal average

ANZ analysts cite heavy Norwegian maintenance as constraint on supply buffer

The benchmark Dutch TTF contract gained 3% to 74 euros per megawatt-hour in early European trading, with market focus on storage levels ahead of the winter heating season. EU gas inventories sat at 70% of capacity, according to industry group Gas Infrastructure Europe. The seasonal average for this point in the year is 86%.

Analysts at ANZ cited competing supply channels in the European gas market. “Higher LNG flows to northwest Europe have offered some relief, but lower Norwegian pipeline flows amid heavy maintenance continue to limit the buffer,” the analysts said.

Diplomatic talks between the U.S. and Iran showed little sign of meaningful progress, adding uncertainty over the broader energy outlook.