European gas prices hit three-and-a-half-year high as storage injection rates slow

European natural gas prices have climbed to their highest level in three and a half years, driven by mounting concerns over storage security.

The TTF benchmark contract in Amsterdam has surged to €60 per megawatt-hour, marking a significant escalation in the ongoing volatility that has seen prices rise approximately 25% so far in July.

This rally extends a streak of six consecutive trading sessions of gains, reflecting deepening investor anxiety about supply adequacy for the coming winter.

The price spike coincides with a notable deceleration in the rate at which gas is being injected into European underground storage facilities.

Data indicates that the average injection volume for the week of July 20–24 fell by more than a quarter compared to peak seasonal rates.

This slowdown suggests that high prices are beginning to constrain the ability or willingness of traders to fill storage hubs, potentially leaving the continent with lower-than-ideal reserves as demand peaks in the colder months.