TTF Prices Little Changed for 3rd Session

European natural gas futures have been trading in a narrow range around €31/MWh, close to their lowest level since May 2024, due to easing geopolitical risks and strong supply/demand fundamentals.

EU storage levels are above 74%, compared to almost 90% at the same time last year, with Germany over 67%, Italy near 86%, and France around 82%.

Also, demand has softened due to cooler-than-normal temperatures.

On the geopolitical front, Donald Trump said he was arranging a meeting between Vladimir Putin and Volodymyr Zelenskiy, followed by a trilateral summit including himself.

Zelenskiy hailed the talks as a “major step forward,” though Russia has not confirmed participation.

Hopes of progress toward peace have fueled speculation that sanctions on Russian energy could eventually be eased.

While Europe has diversified away from Russian gas, traders see reduced LNG competition if sanctions loosen.

A broader deal could also revive Russian oil exports, easing supply risks.