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European Gas Stages Further Recovery

NATURAL GAS

TTF is extending earlier gains and is set for a weekly rise as traders weigh demand recovery and cold weather against ample storage levels as the heating season comes to an end - instead turning to refill season.

  • Plentiful stocks and weak demand saw prices fall to their lowest levels since July 2021 earlier this month before staging a recovery into the tail end.
  • Europe’s gas storage levels — about 56% as of March 29, the latest data — are the fullest for the time of year in more than a decade.
  • Colder than usual temperatures in early April are helping to drive the price recovery.
  • TTF MAY 23 up 7.9% at 47.01€/MWh

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