European natural gas prices extended their recent decline, with the Dutch TTF benchmark dropping to its lowest level since April 2024, according to ING commodity analysts Ewa Manthey and Warren Patterson. The pullback comes as unseasonably mild weather reduces demand across the region.
TTF slides amid softer demand and rising US exports
TTF traded intraday at just above EUR 27.5/MWh, marking an eight-month low. ING notes that continued mild conditions for this time of year are weighing on prices, while increasing US LNG exports are expected to add further downward pressure.
Storage levels fall below five-year norm
European gas storage is depleting faster than usual, now below 75% of the five-year average and under last year’s 85% level. Analysts highlight that the faster-than-normal storage draw could influence seasonal price dynamics, though near-term market pressure remains bearish.
