European gas prices soar to four-year high over winter supply fears
Published . Updated .
Jump fuelled by fears of further Middle East supply disruptions amid reports of US-Israeli plans to strike Iran European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this winter and the conflict in the Middle East. Wholesale gas prices hit €97 (£81) a megawatt-hour on Monday, as temperatures across Europe fell and traders priced in stronger demand for heating. Continue reading...
Directly affected
- No company is named in this report.
Indirectly affected
- UNG United States Natural Gas Fund-7.2% 30d
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story.
- XLE Energy Select Sector SPDR+7.4% 30d
Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story.
- USO United States Oil Fund+8.2% 30d
United States Oil Fund: its price follows crude oil. Linked by “gas prices” (oil) in this story.
- BWET Breakwave Tanker Shipping ETF+64.8% 18d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “middle east” (tanker shipping) in this story.
- VGK Vanguard FTSE Europe ETF
Vanguard FTSE Europe ETF holds stocks listed in Europe, which this story is about (“european”).
- EIS iShares MSCI Israel ETF-1.2% 13d
iShares MSCI Israel ETF holds stocks listed in Israel, which this story is about (“israeli”).
- OXY Occidental Petroleum+3.8% 18d
Occidental Petroleum (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas prices” (natural gas) in this story.
- LNG Cheniere Energy+8.9% 30d
Cheniere Energy (natural gas distribution): gas producers and exporters earn more when gas prices rise. Linked by “gas prices” (natural gas) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| UNGNo price data for this ticker | — | — | — | — | — | — | — |
| XLE | -2.19% | -1.69% | base | -0.41% | after close | after close | after close |
| USO | -5.13% | -5.78% | base | -2.94% | after close | after close | after close |
| BWETNo price data for this ticker | — | — | — | — | — | — | — |
| VGKNo price data for this ticker | — | — | — | — | — | — | — |
| EISNo price data for this ticker | — | — | — | — | — | — | — |
| OXYNo price data for this ticker | — | — | — | — | — | — | — |
| LNGNo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Jump fuelled by fears of further Middle East supply disruptions amid reports of US-Israeli plans to strike Iran European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this wint…
Source: The Guardian
United States Natural Gas Fund (UNG) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| United States Oil Fund (USO) | that day | -2.94% | still updating |
| United States Oil Fund (USO) | three days earlier | -5.78% | final price |
| United States Oil Fund (USO) | five days earlier | -5.13% | final price |
| Select Sector Spdr Tr (XLE) | that day | -0.41% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | -1.69% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | -2.19% | final price |
Trades by members of Congress and officials in the stocks in this story
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Where this story sits: Middle East
Geopolitics Alpha has 0 stories about Middle East from the past 7 days and 0 stories from the past 30. “European gas prices soar to four-year high over winter supply fears” is tagged to Middle East.
Who gains and who pays if Middle East stays in the story
Companies that tend to gain
- OXY Occidental Petroleum
In “European gas prices soar to four-year high over winter supply fears,” Occidental Petroleum (OXY) tends to benefit, medium confidence. Reason on file: Occidental Petroleum (crude petroleum and natural gas): gas producers and exporters earn more when gas prices rise. Linked by “gas prices” (natural gas) in this story
No up or down call on file
- UNG United States Natural Gas Fund
In “European gas prices soar to four-year high over winter supply fears,” United States Natural Gas Fund (UNG) is linked, with no stored direction, medium confidence. Reason on file: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
- XLE Select Sector Spdr Tr
For “European gas prices soar to four-year high over winter supply fears,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
- USO United States Oil Fund
For “European gas prices soar to four-year high over winter supply fears,” United States Oil Fund (USO) is linked, with no stored direction, medium confidence. Reason on file: United States Oil Fund: its price follows crude oil. Linked by “gas prices” (oil) in this story
- BWET Amplify Commodity Trust
In “European gas prices soar to four-year high over winter supply fears,” Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence. Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “middle east” (tanker shipping) in this story
How a Middle East shock reaches United States Natural Gas Fund (UNG)
On 26 Oct 2026, “European gas prices soar to four-year high over winter supply fears” is the story that connects United States Natural Gas Fund (UNG) to Middle East.
What ties United States Natural Gas Fund (UNG) to the headline is this: United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
Select Sector Spdr Tr (XLE) is here too. Its reason reads: Energy Select Sector SPDR: it follows natural-gas prices. Linked by “gas prices” (natural gas) in this story
Price levels for United States Natural Gas Fund (UNG)
UNG traded between 9.52 and 11.43 across 20 sessions. The latest close on file is 9.59. USO traded between 141.82 and 169.96 across 20 sessions. The latest close on file is 169.55. XLE traded between 60.95 and 69.72 across 20 sessions. The latest close on file is 69.32.
A simple score for United States Natural Gas Fund (UNG)
46 out of 100Price not final
“European gas prices soar to four-year high over winter supply fears” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.