European gas prices look set to climb as the continent enters winter with storage tanks running unusually light.
Research published this week argues that TTF — the European gas benchmark — has further upside from here. The analysis points to EU storage sitting just under 63% full, well below the five-year average for this time of year, with prices already breaking above EUR68/MWh to multi-month highs.
The reasoning laid out by analysts: utilities and traders are being forced to buy into a tight market ahead of the heating season, and even the EU's softened 75% storage target will likely be missed. That combination creates a genuine supply squeeze heading into the coldest months.
Seasonal demand picking up and ongoing geopolitical risk only add to the picture. The published view frames further upside volatility as the path of least resistance in the near term — not a certainty, but the direction the setup favors.
Worth watching for anyone with exposure to European energy costs, industrials, or utilities.