TTF Prices Fall to 2-Week Low

European natural gas futures dropped over 5% to below €34/MWh this week, driven by stronger supply from Norway, forecasts for increased wind power in Germany, and easing Asian demand.

Norwegian exports surged to 317 mcm/day after key outages at Nyhamna and Kollsnes were resolved, boosting available supply.

In Germany, higher wind output expected next week will reduce gas use for power generation.

Meanwhile, a recent heatwave in Northeast Asia had caused a spike in LNG demand, temporarily redirecting cargoes from Europe.

But signs of cooler weather and stabilizing imports—especially in Japan, South Korea, and China—have started easing global gas market pressures.

Some Asian prices jumped early in the week but have since pulled back.

The EU’s more flexible winter gas storage rules have also helped reduce competition with Asia.

Overall, conditions suggest the gas market may be returning to a more balanced, less volatile state after years of summer disruptions.