FX.co ★ TTF Prices Rebound 10% in May

In May, European natural gas futures surged by 10% to €35.2 per megawatt hour, marking a recovery following three months of decline. Previously, in April, prices had dropped over 20% amidst concerns relating to the US-led trade war, but increased uncertainty surrounding President Trump's tariffs has alleviated some of that pressure. Concurrently, optimism for the return of Russian gas has diminished as the ongoing conflict in Ukraine continues without resolution. Europe remains committed to reducing its dependence on Russian energy, with Germany strongly opposing the reopening of the Nord Stream pipelines. From a supply perspective, maintenance activities in Norway, which is Europe’s leading gas supplier, have constricted availability. Furthermore, certain LNG shipments are being redirected to the Middle East, where demand is escalating, creating challenges for Europe in replenishing its storage before the next winter season.