TTF Prices Jump on US-EU Supply Fears

2026-01-21 16:15 By Agna Gabriel 1 min. read

European natural gas futures surged more than 12% to €39 per megawatt hour, the highest since June 23, as supply security concerns intensified amid escalating US EU tensions.

Prices jumped on fears the US could use LNG exports as leverage in the deepening dispute over Greenland and trade, a major risk given the EU sourced 27% of its gas and LNG imports from the US in 2025, up from 6% in 2021.

Uncertainty increased after the European Parliament froze a ratification vote on a US EU trade deal, following President Trump’s threats to impose tariffs on several European countries unless they allow US ownership of Greenland.

Markets were already tight as US gas flows were diverted from LNG export facilities to meet surging domestic demand during an Arctic blast, while competition for LNG cargoes intensified due to colder weather in Asia.

In Europe, gas storage has fallen to about 49.1% full, well below roughly 60.2% a year ago, and cooler temperatures are expected to lift demand further.



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