Benchmark Dutch TTF gas futures climbed above €75 per megawatt-hour, the highest level since 2023, as escalating military confrontation with Iran raised the risk that LNG tankers, particularly from Qatar, could be blocked from passing through the Strait of Hormuz. British wholesale gas rose to 186 pence a therm. European storage was described as stable, but refilling had lagged previous years, leaving buyers competing with Asian importers for flexible LNG cargoes before winter. Ten-year German Bund yields reached multi-year highs.
Why it matters for listed companies
Higher gas prices raise power prices and input costs for energy-intensive producers in chemicals (BASF, Covestro), fertilisers (Yara), steel and glass, and squeeze utilities and energy retailers that cannot pass costs on quickly. Gas producers with European sales, such as Equinor and TotalEnergies, earn more per unit sold. The rise also feeds headline inflation, which the ECB cited when it raised rates on September 10, and it pushed bond yields higher.
Official series on 11 Sept 2026 or the last day before it, and the latest observation.
ECB deposit facility rate 2.25% → 2.50%+25 bp 11 Sept 2026 → 16 Oct 2026 · European Central Bank
Euro area 10-year yield (AAA) 3.52% → 3.39%-13 bp 11 Sept 2026 → 15 Oct 2026 · European Central Bank
Euro in US dollars 1.1592 → 1.1253-0.0339 11 Sept 2026 → 16 Oct 2026 · ECB reference rate
Euro in pounds sterling 0.8581 → 0.8438-0.0143 11 Sept 2026 → 16 Oct 2026 · ECB reference rate
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show
what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.
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