European Gas Prices Top $1,000 for First Time Since September 2026

Gas prices in European exchanges climbed above the $1,000 threshold per thousand cubic meters on Tuesday, reaching their highest levels since 2022. By 15:40 Moscow time, futures contracts on the TTF index—the largest European distribution hub located in the Netherlands—rose by 3% to hit $1,005.2.

TTF Index Breaks Key Barrier

This movement marked the first time the index crossed the $1,000 mark since September 2026. The surge brings current valuations close to peaks last seen in late 2022. The conflict in the Middle East has driven significant price increases across Europe, with average costs in March 2026 rising approximately 60% compared to February 2026.

Monthly Volatility and Trends

Prices remained volatile throughout these months. At the end of July 2026, settlement prices jumped nearly 20% month-on-month, averaging $637.5 per thousand cubic meters. In August 2026, the average settlement price reached $745.4, a 17% increase from July. September 2026 saw averages climb further to $897.1, up 20% from August.

Historical Price Context

Early in September, prices breached the $900 barrier, briefly exceeding $1,000 during the middle of that month. Historical data indicates that gas prices were substantially higher during 2021 and 2022. A record high of $3,892 per thousand cubic meters was recorded in early spring 2022.