European Gas Climbs Again While Maize Eases

October pulled the two market indicators that matter most to biogas producers apart. Europe's TTF gas benchmark rose 12.1% to a monthly average of $28.50/MMBtu, 161.7% higher than a year earlier (World Bank, 2026a). Maize went the other way, falling 5.5% to $226.5/t, though it is still 14.3% dearer than last October. A month ago the reasons behind the gas rally were an open question; reports published by the World Bank and the International Energy Agency in late October and early November now set them out.

Gas rises for a fourth month

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The Dutch TTF price, the World Bank's European gas benchmark, averaged $15.17/MMBtu in June. It has climbed every month since: $18.06 in July, $21.11 in August, $25.42 in September and $28.50/MMBtu in October, a gain of 87.9% in four months. October's average is the highest since December 2022, when it stood at $36.04/MMBtu, yet it remains below half of the August 2022 peak of $70.04/MMBtu.

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Asia and North America tell different stories. The bank's Japanese LNG import price averaged $16.59/MMBtu, leaving TTF $11.91/MMBtu above it. US Henry Hub gas was flat at $2.96/MMBtu. The bank flags its two most recent Japanese LNG averages as estimates, and it has revised September's figure up to $16.26/MMBtu.