European Natural Gas Prices Surge as Winter Cold and Geopolitics Collide

OilPrice · Tsvetana Paraskova · last updated January 30, 2026 – 4:58 AM

Europe’s benchmark natural gas prices were headed on Friday for their largest monthly gain since 2023 as cold snaps in January boosted heating and power demand and fast-draining storage sites fueled a market rally. The front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were on track for a 38% monthly gain on Friday, the biggest advance in one month since the summer of 2023, when a supply crunch sent prices skyrocketing. On Friday morning in Amsterdam, the benchmark price was 1.3% higher on the day, at…

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