European natural gas futures rose more than 5% to above €31.5/MWh, the highest in two weeks, due to lower wind power generation increasing gas demand in the power sector. Despite limited market activity due to a British national holiday, traders remained cautious about the impact of geopolitical tensions on gas supplies. Concerns over the Middle East and Ukraine persisted, as Israel initiated evacuations in Rafah, anticipating conflict with Hamas, and Russia continued to target energy infrastructure in Ukraine. However, gas storage levels in Europe remained stable at 63.3% capacity. Looking ahead, weather forecasts for the next two weeks indicated slightly unsettled conditions with normal to above-normal temperatures and no prolonged dry spells.
TTF Gas decreased 0.49 EUR/MWh or 1.52% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, EU Natural Gas TTF reached an all time high of 345 in March of 2022. EU Natural Gas TTF - data, forecasts, historical chart - was last updated on May 7 of 2024.
TTF Gas decreased 0.49 EUR/MWh or 1.52% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF is expected to trade at 30.14 EUR/MWh by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 34.95 in 12 months time.