European natural gas prices have stabilized just shy of €50 over the past week, amid the crisis triggered by the war in Iran, while Russian gas exports are benefiting with a 13.2% surge in April alone.
Natural gas: European prices exceeded €60 per kilowatt-hour in March
It should be noted that due to the impact of the Middle East crisis, natural gas prices soared above €60 per kilowatt-hour in March 2026. However, in recent weeks they have stabilized near €50 per kilowatt-hour. In today’s session at the Dutch energy exchange, next month’s futures contracts are trading at €48, up about 1%.
Continuous disruptions in the global economy following the outbreak of war led to a spike in natural gas prices that exceeded €60 per kilowatt-hour in March. The situation worsened after strikes on the Ras Laffan energy complex in Qatar, one of the world’s most important natural gas processing centers.
Russian natural gas benefits from crisis
Russia has been particularly favored, as natural gas exports in April 2026 increased by 13.2% (by 2.92 million tons) compared to April 2025, according to Reuters reports. From January to April 2026, exports increased by 8.6%.
The increase is mainly attributed to enhanced production from Arctic projects and a strategic pivot toward non-Western markets.
Meanwhile, it is observed that Russia continues to maintain a presence in the European LNG market, albeit limited compared to the pre-war period (before 2022), reflecting the difficulties of Europe’s complete energy independence.
It should be noted that in the US, production remains high, but prices face pressure due to adequate reserves and export infrastructure constraints, while demand for natural gas is increasing due to strong international consumption.
