The European Commission has dismissed concerns over an immediate threat to the bloc's winter gas supplies, even as European gas prices have surged 120% this year and storage levels lag well behind last year's pace. Dutch TTF futures reached roughly €63.7 per megawatt-hour on Aug. 18, more than doubling since the start of 2026.
EU storage facilities are currently about 62% full, down from 74% at the same time last year, according to Gas Infrastructure Europe data. In Germany, reserves stand at just over 50%. Commission spokesperson Eva Hrncirova acknowledged market volatility linked to tensions in the Strait of Hormuz but said there is no supply security risk, noting Brussels typically targets 80% capacity rather than full storage. The Gas Coordination Group is set to reconvene in September.
Oxford Economics projects eurozone inflation could approach 3.5% in the second half of 2026 as wholesale energy costs feed through to consumer prices with an estimated six-month lag.