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European natural gas prices rose at the start of the week as attacks on tankers in the Strait of Hormuz heightened concern about the security of liquefied natural gas (LNG) supplies. Benchmark Dutch TTF contracts for November delivery had closed Friday at 81.43 euros per megawatt hour and climbed 1.3% to 82.50 euros by 09:45 on Monday.

Before the war, roughly 20% of global LNG trade passed through the Strait of Hormuz. The UK Maritime Trade Operations reported that a tanker leaving the strait was struck on its port side by unidentified munitions and caught fire, while Iran's Revolutionary Guards said a supertanker attempting to transit the waterway hit a naval mine, triggering an explosion in its engine room. In a partly offsetting development, U.S. President Donald Trump said Russia and Ukraine had agreed to an immediate energy ceasefire, pledging not to attack each other's energy facilities despite the ongoing conflict.

European gas storage stood at 73.6% capacity, according to data from Gas Infrastructure Europe, below the five-year average of 87% for the period. Network of European Transmission System Operators warned in its 2026-2027 winter supply outlook that limited LNG availability could push storage well below 30% by the end of winter, leaving Europe exposed to late-season cold snaps and making refilling harder next summer.

Key Takeaways

• Dutch TTF November gas contracts rose 1.3% to 82.50 euros per megawatt hour on Monday morning.
• Tanker incidents in the Strait of Hormuz stoked LNG supply fears; Trump announced a Russia-Ukraine energy ceasefire.
• EU gas storage is at 73.6%, below the five-year average of 87% for the period, with winter risks flagged.