European natural gas futures dropped to €31.5/MWh on Friday, after rising to as high as €33.8 as investors monitored the situation in the Middle East. Iran seems to downplay the overnight attack by Israel and the risks of an immediate response. Despite this, natural gas prices remain over 2% higher this week due to increased demand in Asia, supply disruptions in the US, and pipeline problems in Norway. Imports of LNG from Asian countries are on the rise, with imports from China reaching 6.61 million tons in March. Also, ongoing supply cuts in Norway and repairs at the Freeport LNG terminal in Texas led to reduced flows, with work at the latter expected to continue through May.
TTF Gas decreased 1.60 EUR/MWh or 4.95% 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 20 of 2024.
TTF Gas decreased 1.60 EUR/MWh or 4.95% 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.