FX.co ★ TTF Prices Continue to Decline

At the onset of December, European natural gas futures dropped to €28 per megawatt-hour, marking their lowest point since April 2024 and furthering a decline of over 7% seen in November. This downward trend has been influenced by US-initiated ceasefire discussions between Ukraine and Russia, which have brought up the possibility of concluding the three-year conflict and potentially easing EU sanctions on Russian energy. Additionally, record-breaking US LNG exports have contributed to stabilizing prices across both Asia and Europe, while Norwegian pipeline supplies have continued at a steady rate. In contrast, LNG demand in Asia has remained modest, and meteorological predictions indicate warmer-than-average temperatures across much of Europe, implying a subdued need for heating. As of November 29, EU gas storage facilities were filled to 75% of their capacity.