Overview
- TTF front-month futures traded near €34.30 per MWh in Amsterdam, the highest since August and the sharpest weekly rise since October 2023.
- European gas storage stands at about 52% full versus a seasonal norm near 67%, underscoring reduced winter resilience.
- Forecasts point to a late-January cold spell that could prolong heavier-than-usual withdrawals from reserves.
- Heightened tensions linked to Iran, including U.S. threats of 25% tariffs on its trading partners and Iran’s role in supplying Turkey, are intensifying supply risks.
- Stronger LNG demand from China is tightening global competition for cargoes, adding upward pressure to European prices.