Natural gas futures linked to TTF, Europe's wholesale gas price, consolidated near the €200-per-megawatt-hour mark, not far from an all-time high of €300 touched in March in the aftermath of Russia's invasion of Ukraine, as persistent concerns about tightening European supplies continued to hang over the market. Russia's Gazprom said it would further reduce flows through the Nord Stream pipeline, citing issues with turbines, delivering only 33 million cubic meters daily, roughly 20% of its capacity, jeopardizing the region's objectives to fill 80% of storage capacity before winter. The rise in natural gas prices brought together the EU members to sign an agreement to cut their gas use by 15% over the following months. Russia's natural gas weaponization also sparked a rush for supplies from other main buyers, including Japan and South Korea, which are moving through with plans to buy more LNG cargoes for the winter, fearing that Europe will similarly stockpile supplies at a faster pace.
Historically, EU Natural Gas reached an all time high of 345 in March of 2022. EU Natural Gas - data, forecasts, historical chart - was last updated on August of 2022.
EU Natural Gas is expected to trade at 218.17 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 299.43 in 12 months time.