Gas prices in Europe exceed $1,000, experts cite low inventories and Russian supply policy

MOSCOW, September 15. /TASS/. Gas prices in Europe will remain high for at least the next few months and could rise significantly above $1,000 per 1,000 cubic meters. A fundamental policy shift and increased purchases of Russian gas are the only realistic way out for the EU, experts told TASS.

During trading on September 14, the price of gas in Europe exceeded $1,000 per 1,000 cubic meters for the first time since December 2022, according to data from London’s ICE exchange. The price of October futures at the TTF hub in the Netherlands rose to around $1,004 per 1,000 cubic meters. Meanwhile, gas inventories in underground storage facilities currently stand at 68%, still the lowest level for this time of year since records began in 2011, according to TASS calculations based on data from Gas Infrastructure Europe (GIE).

Boris Kopeikin, Chief Economist at the Stolypin Institute for the Economy of Growth, noted that Europe’s low gas inventories create conditions for further price spikes, while the EU’s rejection of Russian gas is exacerbating the situation.

"The only realistic way out for EU countries is a fundamental change of course and an increase in purchases of Russian gas. Especially since the technical capacity is available. However, the baseline scenario is for prices to remain high for at least the next few months," he said.

Oleg Nikolayev, a member of the General Council of Business Russia, agreed that current prices may not yet represent the peak.

"Since the 2020 pandemic, many global macroeconomic developments have been driven not by economic laws but by the immediate impact of circumstances. So for Europeans this season, a price of one dollar per cubic meter of gas may not yet be the limit," he explained.

According to Nikolayev, the geopolitical conflict in the heart of Europe is becoming increasingly costly. "One would hope that this circumstance is bringing a resolution closer," the expert concluded.

Russian gas supplies

In January 2026, the Council of the EU approved a ban on Russian LNG supplies starting January 1, 2027, and on pipeline gas supplies starting September 30, 2027.

Meanwhile, in January-August 2026, Russia increased gas exports to Europe via TurkStream by 3.4% to 11.9 bln cubic meters, according to TASS calculations based on ENTSOG data. Following the end of transit through Ukraine, TurkStream remains the last operational route for Russian pipeline gas supplies to Europe.