The price of natural gas traded in Romania exceeded the threshold of 360 lei/MWh at the beginning of September, a level unprecedented for this time of the year, except for 2022 when Russia invaded Ukraine and triggered the European energy crisis.
Natural gas with delivery on September 3 was traded at an average price of 359.98 lei/MWh. The quotation is nearly two and a half times higher than at the end of February when it had dropped to around 150 lei/MWh, according to data analyzed by Profit.ro.
The increase is particularly unusual as the price in September, when consumption is low, far exceeds that recorded seven months ago in the midst of winter.
According to an analysis by Transgaz, between February 27 and September 7, the price of gas on the Romanian Commodities Exchange increased by 125%.
Sharp price increases across Europe
The increase is not specific to Romania alone. The local market is connected to the European one, where prices have risen sharply due to the Middle East conflict, uncertainties regarding transport through the Strait of Hormuz, and low stock levels.
During the analyzed period, gas prices increased by 116.02% on the Greek exchange and by 121.39% in Hungary. The increases were higher than in Romania in the markets of Bulgaria, Austria, Poland, Italy, Germany, the Netherlands, France, and Spain.
The most significant increase, by 162.72%, was recorded in Spain.
Market awaits the reopening of LNG routes
Prices continue to be influenced by the risk of disruptions in energy transport through the Strait of Hormuz. An agreement between Iran and Oman to temporarily create a safe maritime route is in its final stages but has not yet been signed, according to an analysis by the state-owned company Energocom from Moldova, cited by Profit.ro.
A ship carrying liquefied natural gas from Qatar recently crossed the strait for the first time since July, and other vessels are repositioning in the region. These movements are seen as positive signals, but they do not yet indicate a resumption of large-scale exports.
Europe and Asia continue to compete for available LNG cargoes.
European deposits well below the average of recent years
Another issue is the level of gas in storage facilities. In Europe, these are filled to about 67%, compared to an average of around 83% at this time of year.
The situation is even more challenging in Germany, the largest European economy. German reserves are filled to about 53.6%, while the five-year average is around 80%.
Quotations for the coming months remain high. Gas to be delivered between October 2026 and March 2027 is trading at prices ranging from approximately 70 to 75.2 euro/MWh. The highest values are estimated for the beginning of the heating season.
How price increases can be seen in bills
The price increases in the free market do not automatically and immediately transfer to the population's bills. However, they can increase the costs borne by suppliers and ultimately the prices paid by end consumers.
The quantity of gas from domestic production available at the regulated price of 110 lei/MWh for residential customers and heating systems supplying public heating systems decreased in 2026 to about 32 TWh from 52 TWh in 2025, according to data from the two major producers, Romgaz and OMV Petrom, cited by Profit.ro.
The difference of nearly 20 TWh needs to be purchased by suppliers from the free market, where prices have soared to over three times the regulated price.
The additional costs may reflect in future bills for the population and in the price of thermal energy. Companies are already bearing the increases and may pass them on to the prices of products and services.