November TTF gas futures reach €86.79 per MWh

November gas futures at the Dutch TTF hub rose to €86.79 per MWh on October 13. RBC reported a 2.89% increase and the highest price since December 2022.

By 13:11 Moscow time, the gain had eased to 2.1%, with the contract trading at €86.125 per MWh. These are intraday futures prices, rather than a closing price or a consumer gas tariff. Confluence Investment Management’s October 13 review also reported the €86.79 level.

The rise comes amid constrained liquefied natural gas supplies and the need to replenish European storage before winter. Reuters reported on October 12 that shipping disruptions through the Strait of Hormuz restricted LNG exports from Qatar and the United Arab Emirates, intensifying competition for other supplies.

Analysts and industry forecasters surveyed by Reuters expected European storage to be 75–78% full by November 1, roughly 10 percentage points below the five-year average. That is a forecast, rather than a level already reached.

Storage typically supplies 25–30% of the European Union’s winter gas consumption. The remaining demand depends on ongoing deliveries. Constrained imports combined with low reserves therefore increase the market’s sensitivity to supply disruptions.