Business
CROSS-SPECTRUMBROAD COVERAGE
Europe’s gas storage hovers around 69% of capacity as market prices stay high
Gas inventories across the continent are reported at roughly 69% of their usual levels, well under the typical 85% target for this time of year. Disruptions in the Strait of Hormuz have limited LNG shipments, prompting Europe to compete with Asian buyers for the remaining cargoes. The Dutch TTF benchmark price has settled in the €80‑€83 per megawatt‑hour range, reflecting the tight market. Switzerland, which relies on storage in Germany and France, warns of a difficult winter supply situation, while the broader European market grapples with elevated forward pricing.
Why it matters
Tight supplies and higher gas prices threaten household energy bills and the competitiveness of European industry.
How this story developed
- Sep 2 Diesel hits $5.68 per gallon, highest since 2022, as Trump urges price cuts
- Sep 6 AAA linked the price surge to elevated crude oil prices from the Iran war and instability in the Strait of Hormuz.
- Sep 7 As the war enters its seventh month, crude oil has climbed past $100 per barrel, sending jet-fuel refining margins to $163. Airlines such as Qantas and Virgin are seeing fuel bills surge, leading them to increase fares, reassess seat capacity and rely less on hedging. In Australia, pump prices have jumped 37% for unleaded and 45% for diesel, adding pressure on motorists. Analysts warn that without a de-escalation, high fuel costs will persist throughout the year.
- Sep 7 Hungarian diesel price reached a record above 688 forints per litre.
- Sep 7 Diesel price rose to $5.85 per gallon, a new national high.
- Sep 9 The president blocked the tax on extraordinary profits of energy firms, leaving the state without budgetary means to aid motorists.
- Sep 12 Rough’s production licence is set to expire in April, ending extraction at the site.
- Sep 18 The Sejm voted to pass the extraordinary‑profits tax on fuel companies.
- Sep 19 Diesel prices reached $5.68 per gallon, the highest figure since 2022.
- Sep 22 Indian airlines have increased seat capacity in Delhi and Maharashtra.
- Sep 22 Trump told reporters he wants to stop sending diesel abroad, citing the surge in diesel costs driven by conflicts in Iran and Ukraine. Treasury Secretary Scott Bessent said the administration is reviewing whether a full or partial ban is feasible. Republican Senate hopefuls, including Ashley Hinson, have urged the government to adopt the ban to ease price pressures on Americans.
- Sep 23 Rural GOP lawmakers have publicly demanded action on diesel exports ahead of the November election.
- Sep 24 President Trump announced support for a diesel export ban.
- Sep 24 Gas storage levels are now reported at about 69% of capacity, below the usual seasonal target.
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