Natural gas: European prices surge as LNG flows stall – ING
ING strategists Warren Patterson and Ewa Manthey report that European Natural gas benchmark TTF jumped over 9%, moving back above EUR60/MWh as hopes for a US–Iran deal fade. They warn that each day without Persian Gulf LNG flows and falling European storage levels, now below 2021 benchmarks, increases vulnerability to price spikes during the 2026/27 heating season.
Storage worries into 2026/27 heating season
"Fading optimism over a potential deal between the US and Iran has also seen European natural gas prices surge higher once again."
"TTF settled more than 9% higher yesterday, taking it back above EUR60/MWh."
"Every day that goes by without a resumption of Persian Gulf LNG flows leaves the market more vulnerable as we head closer towards the 2026/27 heating season."
"Gas storage is now below 2021 levels both in terms of percentage full and in absolute terms."
"The EU’s lower storage target of 75% ahead of the winter is looking as though it will be tough to hit."
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