FX.co ★ TTF Gas Prices Climb on Trade Ruling and Rising Demand

European natural gas futures have climbed toward €37 per megawatt-hour, bolstered by the anticipation that a recent ruling from a US court against tariffs from the Trump era might stimulate a resurgence in global energy demand. The US Court of International Trade recently invalidated a majority of the extensive tariffs implemented during President Trump's administration, which had previously posed challenges to economic growth and dampened energy consumption on a global scale. Despite the Justice Department's prompt decision to appeal, the temporary lifting of these trade barriers has fostered optimism for a more liberal global trade climate, potentially boosting fuel demand from major economies such as the US and China. For Europe, which is heavily reliant on gas imports, this scenario suggests heightened competition for LNG supplies, particularly as demand in Asia intensifies with the onset of warmer summer weather. Concurrently, Norwegian gas supplies are slowly resuming after seasonal maintenance, though ongoing issues at the Troll field persist. With current storage levels below 50%, a significant decrease from last year's 70%, Europe is under increased pressure to replenish its reserves in preparation for the upcoming winter season.