Natural gas: Tight market but less stressed – ING
ING’s commodities team points out that European gas prices fell, with TTF down modestly, as the market digests storage and demand trends.
ING’s commodities team highlights that European gas prices have declined, with TTF experiencing a modest decrease as the market processes storage and demand patterns. Although storage injections remain sluggish and the market is tight in the lead-up to the 2026/27 winter, absolute storage volumes and reduced EU gas demand compared to 2021 create a more comfortable situation than during earlier crises.
European gas prices faced pressure, though the reduction was less severe than that of oil, with TTF settling 2.65% lower on the day. Concerns are rising in Europe concerning storage levels and the slow injections, leaving the region more susceptible as the 2026/27 winter approaches. Currently, storage levels are slightly above 57%, slightly lower than the 2021 levels, but in absolute terms, they are still near the 2021 amounts.
Moreover, EU gas demand is notably lower than in 2021. Thus, while the gas market is tight, it remains considerably more resilient than it was in 2021.
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