TTF prices hover at two-week low

European natural gas futures held steady near €33/MWh, their lowest in over two weeks, as strong supply dynamics and relaxed storage requirements continue to keep market pressures subdued.

This relative calm in pricing comes despite extended maintenance at Norway’s key Troll gas field—Europe’s largest—which is now expected to last until Thursday and is operating at reduced capacity. Nevertheless, overall pipeline flows from Norway remain largely stable, cushioning the market from potential supply shocks.

Meanwhile, LNG imports into the EU remain robust and consistently above seasonal norms. This ongoing influx is playing a crucial role in replenishing storage sites across the continent ahead of the critical winter heating season. Adding to the supply cushion is the subdued demand from Asia, particularly from countries like China and Japan, where economic slowdowns and high inventory levels have dampened appetite for spot LNG cargoes. As a result, Europe has been able to secure more LNG shipments, often at competitive prices.

EU-wide storage levels have now surpassed 65%, compared to 83% at this time last year. Country-specific figures show varied progress: Germany’s storage stands above 57%, Italy has exceeded 77%, and France is nearing 73%. Although these levels are below last year’s benchmarks, they remain broadly in line with five-year seasonal averages.

To further support restocking efforts, the European Parliament recently approved a measure to ease interim storage targets. Member states are now permitted to reach the 90% storage target by December instead of the previously mandated September deadline.

This policy shift is expected to give utilities and gas operators more flexibility in securing volumes without putting undue upward pressure on prices during summer months.