FX.co ★ TTF Prices Rebound as Winter Approaches

European natural gas futures have slightly increased to over €31 per megawatt-hour, recovering from a recent low of €30.5 recorded on November 13. This rise is attributed to a sudden cold front that has boosted heating demands. As winter approaches, there is renewed pressure on supply, reminiscent of the previous year's market volatility. Current gas storage levels in the EU stand at 82.02% capacity, a decline from 91.27% compared to the previous year, suggesting the likelihood of increased withdrawals in the coming weeks to balance the system. Norwegian pipeline flows remain stable, and imports of LNG are consistent, though they fall short of completely compensating for the colder weather. To date this year, Europe's LNG imports have reached 101.38 million tons, an increase of 16.75 million tons from the previous year. In parallel, Ukraine has secured U.S. LNG supplies via Greece for the period of December 2024 to March 2025, as a precaution against winter risks amid geopolitical tensions.