TTF Gas Prices Rebound, On Track for Weekly Gain

European natural gas futures climbed back above €33 per megawatt-hour after hitting a 15-month low of €31 on August 15, as optimism over a quick peace deal in Ukraine faded. Hopes that President Trump could swiftly broker an agreement have waned, with Russia pushing for territorial concessions and influence over Ukraine’s security, making progress unlikely. Traders now expect Europe will continue facing tight supplies, with no sign of Russian flows returning. The market is also bracing for Norwegian maintenance work that will temporarily cut output, adding to supply risks. To secure liquefied natural gas cargoes against Asian competition, Europe may need higher prices, especially with storage levels lagging last year’s. EU reserves are just under 75% full, compared with more than 90% a year ago, leaving the bloc more exposed heading into the winter heating season. Gas futures gained nearly 8% this week after two weeks of declines.