Natural gas: Tight market but less stressed – ING

ING’s commodities team points out that European gas prices fell, with TTF down modestly, as the market digests storage and demand trends. They stress that while storage injections are slow and the market is tight ahead of the 2026/27 winter, absolute storage volumes and lower EU gas demand versus 2021 leave conditions more comfortable than during the earlier crisis period.

TTF eases as storage concerns grow

"European gas prices also came under pressure yesterday, although not to the same extent as oil, with TTF settling 2.65% lower on the day."

"There are growing concerns in Europe over storage levels and the slow injections we are seeing, leaving the region more vulnerable as we head into the 2026/27 winter."

"While storage is only a little above 57% full — below the utilisation seen in 2021 — in absolute volume terms it still sits just above 2021 levels."

"It’s also worth pointing out that EU gas demand is considerably lower now than it was in 2021."

"So, while the gas market is admittedly tight, it’s still quite a bit more comfortable than it was in 2021."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)