The Mar’25 TTF futures contract rallied to over €58/MWh on 10 Feb, its highest level since January 2023, amid greater withdrawals from European gas storage and colder weather, but it has since retraced to €47.50/MWh on 20 Feb. The soon-to-be-prompt Apr’25 TTF swap contract moved similarly, briefly touching €58/MWh on 10 Feb before retracing to €47.50/MWh. Since our last report, European gas supplies have fallen by around 8% to 42% of total capacity (481 TWh), as per Gas Infrastructure Europe. However, any support for TTF these continual draws was overtaken by bearish sentiment due to Russia-Ukraine peace talks. Additionally, the EU is now reportedly planning to relax its LNG refilling requirements, which may lend further bearish sentiment.
