FX.co ★ TTF Prices Extend Gains to €37/MWh

European natural gas futures rose, approaching €37 per megawatt-hour, continuing the upward trend from last week's 3.9% increase. The rise in prices is attributed to mounting concerns about supply disruptions. This follows unexpected capacity reductions announced at Norway's significant Troll gas field due to external power problems, which add to ongoing maintenance at other crucial sites such as Nyhamna and Aasta Hansteen. Norway, having become Europe's primary gas supplier after Russia reduced its pipeline contributions, faces pressure to sustain supply as Europe urgently works to replenish storage levels that are currently at 45.3%, a notable drop from last year’s 67.5%. Traders remain tense with volatility spurred by supply uncertainties and the possibility of competition for LNG from other parts of the world. Additionally, geopolitical tensions have dampened market sentiment as prospects for a peace agreement in Ukraine diminish. In contrast, President Donald Trump’s decision to postpone US tariffs on the EU until July 9 temporarily improved risk appetite, providing a slight lift to European assets and energy markets.