TTF Prices Move Lower

European natural gas futures slipped below €34/MWh as strong supply fundamentals helped offset broader geopolitical concerns. Gas storage across the continent continues to build steadily, supported by subdued demand from Asia, particularly China, and robust pipeline deliveries from Norway, which are running close to full capacity ahead of upcoming maintenance. LNG imports also remain solid, exceeding seasonal norms. EU storage levels are near 70%, compared to 86% at the same time last year, with Germany above 62%, Italy over 81%, and France near 79%. Meanwhile, traders are closely watching geopolitical developments, particularly talks around a potential ceasefire in Ukraine. While the US has hinted at tougher sanctions on Russian energy trade if no progress is made, skepticism about the scale or immediacy of any action has limited market reaction so far.