European natural gas futures fell 4% to below €31/MWh Thursday, continuing a downward trend from a recent peak of nearly €34 and following a 5% drop in the previous session. The global market for liquefied natural gas experienced increased volatility due to potential supply disruptions in the Middle East, particularly around the Strait of Hormuz. Rising tensions in the region, including recent incidents involving Iran, led to concerns about the safe passage of LNG tankers through this critical route. The Strait of Hormuz is vital for delivering LNG from Qatar and the United Arab Emirates to Europe and Asia. Recent actions by Iran, including the seizure of a container ship and threats to close the strait, have heightened market anxieties. Additionally, global gas prices have been impacted by increased demand from Japan, supply disruptions in the United States, and some pipeline issues in Norway.
TTF Gas decreased 0.78 EUR/MWh or 2.41% 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 18 of 2024.
TTF Gas decreased 0.78 EUR/MWh or 2.41% 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.