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Geopolitics & Markets

European natural gas

What is Europe paying to keep the lights on and the factories running?

17.93USD / million BTU

+2.8 (+18.8%) since 1 Jun 2026

69.988.1
Aug 2021USD / million BTUJul 2026

Gas is where European energy policy, Russian pipeline politics and American LNG export capacity meet a number. It is also the input that decides whether German chemicals and Dutch fertiliser are competitive with the Gulf and the US Gulf Coast in any given quarter.

Read it against Brent rather than on its own. Oil and gas decoupled in Europe after 2022, and the gap between the two lines is a better description of the continent's industrial problem than either line alone.

How this is measured

Global price of natural gas delivered to Europe, in US dollars per million British thermal units, compiled monthly by the International Monetary Fund and distributed through FRED. Monthly observations for the past five years.

Source: International Monetary Fund via FRED (PNGASEUUSDM)·Retrieved 7 Sept 2026·Updated 1 Jul 2026

All observations
DateUSD / million BTU
1 Jul 202617.93
1 Jun 202615.09
1 May 202616.15
1 Apr 202615.39
1 Mar 202617.67
1 Feb 202611.19
1 Jan 202611.99
1 Dec 20259.46
1 Nov 202510.36
1 Oct 202510.9
1 Sept 202511
1 Aug 202510.98
1 Jul 202511.47
1 Jun 202512.3
1 May 202511.62
1 Apr 202511.57
1 Mar 202513.16
1 Feb 202515.38
1 Jan 202514.76
1 Dec 202413.76
1 Nov 202413.81
1 Oct 202412.76
1 Sept 202411.75
1 Aug 202412.19
1 Jul 202410.24
1 Jun 202410.81
1 May 202410.11
1 Apr 20249.13
1 Mar 20248.51
1 Feb 20248.1
1 Jan 20249.53
1 Dec 202311.3
1 Nov 202313.71
1 Oct 202313.39
1 Sept 202311.43
1 Aug 202310.72
1 Jul 20239.61
1 Jun 202310.29
1 May 20239.97
1 Apr 202313.68
1 Mar 202313.87
1 Feb 202316.74
1 Jan 202319.89
1 Dec 202235.37
1 Nov 202228.79
1 Oct 202220.81
1 Sept 202255.18
1 Aug 202269.98
1 Jul 202251.15
1 Jun 202232.91
1 May 202227.46
1 Apr 202231.99
1 Mar 202241.73
1 Feb 202226.98
1 Jan 202227.89
1 Dec 202137.36
1 Nov 202127.38
1 Oct 202129.81
1 Sept 202122.23
1 Aug 202115.28