FX.co ★ TTF Prices Hold Near 9-Month Lows

European natural gas futures are currently trading between €32 and €33 per megawatt hour, nearing a nine-month low, as traders closely monitor potential revisions to EU gas storage regulations in preparation for winter. New proposals suggest lowering the mandatory storage levels to 82–83 billion cubic meters, or approximately 75%–76% capacity, compared to the current legal target of 90% by November 1. Germany has proactively reduced its target from 90% to 80%. Presently, EU gas storage levels stand at 40.7%, with Germany's storage at 34.2%. Concurrently, the European Union is drafting a plan to sever its remaining gas dependencies on Russia. However, without sanctions on existing contracts, legal options for disengagement remain limited. Russia continues to supply 19% of Europe's gas, primarily through the TurkStream pipeline and LNG deliveries. Additionally, the possibility of a US-mediated peace agreement in Ukraine could ease regional tensions and potentially reinstate some Russian energy flows. In the short term, an anticipated cold spell in northwest Europe is likely to drive up gas demand.