FX.co ★ TTF Prices Rise to Over 6-Week High

European natural gas prices have surged, reaching nearly €36 per megawatt-hour—the highest level in over six weeks. This increase is driven by cooler-than-forecasted weather, which has in turn heightened demand, alongside mounting geopolitical tensions. A cold weather pattern is currently causing temperatures across continental Europe to drop below normal, particularly affecting gas consumption in northwest Europe. Concurrently, EU gas storage levels are notably low at 43.7%, a significant decrease from last year's 65.8% at this same period. In response, EU legislators have revised the November 1 storage target, reducing it to 83% from the earlier target of 90%, in recognition of the constrained supply following a harsher winter. On the geopolitical stage, attention is focused on the halted peace negotiations between Russia and Ukraine. The anticipated direct talks in Istanbul between President Putin and Ukrainian representatives failed to occur, with President Putin and U.S. President Trump absent. As the conflict persists, expectations for a significant diplomatic resolution remain subdued.