European natural gas futures surged toward $47 per barrel amid growing demand and escalating supply concerns.
European gas futures surge on supply fears
For the first time since Russia's 2022 invasion of Ukraine, Europe risks missing its gas storage targets for the following winter, potentially triggering global competition for supplies until new liquefied natural gas (LNG) capacity comes online in 2026. Cold weather and Russia’s suspension of pipeline deliveries through Ukraine have drained Europe’s inventories, prompting the region to seek up to 10% more LNG imports in 2025. Adding to the strain, President-elect Donald Trump has threatened tariffs unless Europe boosts purchases of US energy.
Oil surge boosts natural gas prices
Meanwhile, a sharp increase in oil prices—driven to four-month highs by new US sanctions on Russia’s energy sector—is further lifting natural gas prices.
