TTF gas prices climb on trade ruling and rising demand

European natural gas futures rose toward €37/MWh, supported by expectations that a US court ruling against Trump-era tariffs could revive global energy demand.

TTF gas prices climb on trade ruling and rising demand

The US Court of International Trade blocked most of President Trump’s sweeping tariffs, which had previously dampened economic growth prospects and energy consumption worldwide. While the Justice Department has already appealed the decision, the temporary removal of these trade barriers has raised hopes of a more open global trade environment, potentially increasing fuel demand from large consumers like the US and China. Stronger industrial activity and cross-border trade could translate into greater competition for liquefied natural gas (LNG), a key energy source for many economies.

Effects on Europe

For Europe, a major gas importer already grappling with tight supply conditions, this could mean stiffer competition for LNG cargoes, especially as Asian demand rises with summer temperatures and power usage spikes. Meanwhile, Norwegian gas flows are gradually recovering from seasonal maintenance, though ongoing disruptions at the Troll field—one of the region’s largest—continue to limit supply. Compounding the challenge, European gas storage levels remain below 50%, a stark contrast to around 70% this time last year, placing the continent under growing pressure to accelerate replenishment efforts ahead of the critical winter heating season. The combination of global market dynamics, supply constraints, and strategic reserve concerns is likely to keep upward pressure on European gas prices in the near term.