European gas prices increased by more than 30%

Opening the trading session on March 19, the Dutch TTF natural gas contract price – considered the reference price in Europe, at one point increased 35% to 74 euros (nearly 85 USD) per MWh. The price then decreased slightly, currently reaching 70.8 euros. Natural gas prices in the US increased by 4.4%.

Crude oil prices also increased sharply. This afternoon, Brent crude oil price at one point increased more than 6% to 114 USD per barrel. US crude oil WTI currently touches 97 USD a barrel.

The market fluctuated after energy infrastructure in the Middle East was repeatedly attacked, raising concerns about supply. On March 18, QatarEnergy National Oil Corporation confirmed that an Iranian missile hit the Ras Laffan liquefied natural gas (LNG) complex. This is home to the world’s largest LNG production facility, providing about 20% of global output.

The raid took place just hours after Israel’s attack on Iran’s giant South Pars gas field. Saudi Arabia also announced the interception and destruction of many ballistic missiles aimed at Riyadh, and prevented a drone attack on a gas facility in the east of the country.

Gas prices in Europe are still far below the crisis peak in 2022, about 340 euros. However, if prices continue to rise sharply, Europe has little room to respond. LNG plants around the world are operating at almost full capacity. Norway, the EU’s largest intra-EU gas supplier, is pumping gas at maximum levels. Qatar also stopped LNG production from the beginning of the month, due to fighting.

Europe currently mainly imports gas from the US, with 25.4% market share. Supply from Qatar and UAE accounts for less than 10%. From 2022, they stop importing gas through pipelines but continue to buy Russian LNG.

Since the beginning of the month, experts have warned of the risk of a “war for gas” between Europe and Asia in the spot market – where shipments are traded daily to the highest bidder. European Union officials at that time said there was no risk of gas shortage and the situation was still under control. But after a harsh winter, their reserves are now only 29%, a significant decrease compared to the same period in 2024 and 2025.