FX.co ★ TTF Prices Rebound on Tuesday

European natural gas futures climbed to €36.3/MWh, rebounding from a more than 4% decline on Monday, as attention turned to the EU's dwindling gas storage levels. Presently, storage facilities are approximately 49.9% full, significantly lower than the previous year's 61% for the same period and almost 14 billion cubic meters less than the five-year average. Key markets are continuing to deplete reserves, with current storage levels at around 42.3% in Germany, 41.8% in France, and 35.6% in the Netherlands. Italy and Austria are not far behind, with levels at 64.5% and 53.5%, respectively. As cooler temperatures are anticipated, demand may increase, and competition for LNG shipments could escalate, especially as parts of Asia brace for colder conditions. Concerns about supply were heightened by a significant dip in output from the Montoir and Fos Cavaou terminals in France. Additionally, the strained relations between the US and Europe add another layer of uncertainty. There are apprehensions that Washington might leverage LNG exports for political gain, which is worrisome, considering that the EU relied on the US for 27% of its gas and LNG in 2025, up from 6% in 2021.