European natural gas prices held around €35 per megawatt-hour in the last week of May, hovering near the highest levels in five months amid expectations of lower supply amid robust cooling demand. New forecasts anticipate aggressive heat waves in Europe later in the summer, with hotter temperatures expected in Northern Europe at the beginning of June, and meteorologists also warning of excessive heat in France and Spain. Also, hot temperatures in Asia intensified bidding competition for LNG in major hubs, underscored by the 16.7% annual increase in imports from Japan in April. Still, ample reserves in European storages and added capacity in Norwegian gas fields weathered serious shortage risks.
TTF Gas increased 2.29 EUR/MWh or 7.07% 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 31 of 2024.
TTF Gas increased 2.29 EUR/MWh or 7.07% 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 31.36 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 35.04 in 12 months time.