European natural gas futures rose above €29/MWh from a two-week low, due to disruptions in supply from Norway and Britain. Reduced flows of Norwegian gas to Britain and unplanned outages in the UK contributed to tightening the supply situation. Additional planned maintenance in Norway further exacerbated supply constraints, prompting analysts to predict a need for significant withdrawals from gas storage to meet demand. Despite bullish pressure from these supply disruptions, gas storage levels in Europe remain at 62%, with prices potentially constrained by forecasts of milder weather ahead. Additionally, the resumption of LNG exports from the US after an outage is expected to alleviate some concerns over supply shortages.
TTF Gas decreased 2.69 EUR/MWh or 8.31% 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 April 26 of 2024.
TTF Gas decreased 2.69 EUR/MWh or 8.31% 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 33.44 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 40.20 in 12 months time.