FX.co ★ TTF Prices Steady Amid Geopolitical Talks and Supply Concerns

European natural gas futures remained close to €35 per megawatt-hour as the market evaluated new developments in geopolitics and supply constraints. The spotlight is on the potential peace agreement in Ukraine, with President Trump poised for discussions with Russian President Putin later on Monday. This potential agreement could increase the likelihood of Russian gas making a comeback in Europe, despite conflicting with the European Union's objective to eliminate Russian fossil fuels by 2027. On the supply side, predictions of cooler-than-usual weather in northwest Europe starting May 22, coupled with reductions in Norwegian gas flows, are exerting additional strain. Maintenance work at Norway's Kollsnes gas processing plant has commenced ahead of schedule, with expectations of further reductions through May 21–22. Meanwhile, European Union gas storage levels are currently just 44% full, a significant drop from 66.5% the same time last year, following a particularly harsh winter. In response to this constrained supply situation, EU lawmakers have revised the November 1 gas storage target downward to 83% from the earlier goal of 90%, indicating a more cautious approach as the region looks toward the next winter season.