Gas prices in Europe fall 3% amid oil decline

Gas prices on European exchanges fell by approximately 3% in Wednesday’s trading, in tandem with a decline in black gold prices in the markets.

Futures contracts for October gas on the TTF index (Europe’s largest distribution hub) dropped by 2.7% to $844.3 per thousand cubic meters.

Gas prices on European exchanges had peaked in 2021 and 2022, and European gas distribution centers had not seen such high and sustained levels since 1996.

Prices recorded a historic high of $3,892 per thousand cubic meters in early spring 2022, before declining significantly prior to the outbreak of the war on Iran.

In July 2026, prices surged by approximately 20% month-on-month to reach an average of $637.5. In August 2026, prices breached the $800 per thousand cubic meters mark for the first time in five months during trading, then broke through $900 in early September, briefly surpassing $1,000 in mid-month before beginning a general decline.

Media outlets had reported that experts in late August did not rule out gas prices on European exchanges exceeding $1,200 per thousand cubic meters during the winter, due to weak gas storage levels at facilities.