# Will European Gas Prices Keep Rising This Winter?

> Goldman Sachs expects European LNG prices to average €70/MWh in Q4 2026, well above pre-summer levels, because Persian Gulf LNG exports remain at only 15%-25% of prewar levels. Prices could fall to about €50/MWh if flows recover faster. Low storage in Northwest Europe is also cited as a support.

- Date: 2026-10-01 · published 2026-10-01T12:00:00.000Z
- Category: geopolitics · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/17649-will-european-gas-prices-keep-rising-this-winter
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

The forecast implies sustained high European gas prices through winter, which raises energy and fertilizer costs for feed producers. A faster Hormuz recovery would be the main bearish risk.

## Read by commodity

- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2023-05-25 | [SHELL \| Global LNG prices could spike this winter on low European gas stocks](https://feedsoft.ai/events/36127-shell-global-lng-prices-could-spike-this-winter-on-low-european-gas-stocks.md) | -15.9% | +6.0% |
| NATGAS | 2024-08-29 | [Higher Natural Gas Prices Seen This Winter in Europe as Geopolitical Complications Mount](https://feedsoft.ai/events/28999-higher-natural-gas-prices-seen-this-winter-in-europe-as-geopolitical.md) | +11.7% | +36.8% |
| NATGAS | 2022-07-10 | [Explainer: Why Russia drives European and British gas prices](https://feedsoft.ai/events/40669-explainer-why-russia-drives-european-and-british-gas-prices.md) | +9.5% | +31.7% |
| NATGAS | 2024-10-29 | [TTF prices surge to their highest level \| European Gas Hub](https://feedsoft.ai/events/8118-ttf-prices-surge-to-their-highest-level-european-gas-hub.md) | -10.5% | +41.4% |
| NATGAS | 2021-10-01 | [European gas prices hit all-time highs as Russian flows slump \| Reuters](https://feedsoft.ai/events/44762-european-gas-prices-hit-all-time-highs-as-russian-flows-slump-reuters.md) | -0.5% | +0.2% |

## Sources

- goldmansachs.com: https://www.goldmansachs.com/insights/articles/will-european-gas-prices-keep-rising-this-winter

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.