Gas futures linked to TTF tumbled to below €85-per-megawatt-hour, a level not seen in three months, amid rising inventory levels and continued Russian gas flows to Europe. The European Council and lawmakers reached a deal to set a minimum inventory threshold of 80% by November to ensure they have enough supply for next winter. According to Gas Infrastructure Europe, European storage levels have increased almost 25% in May and are close to the 45% five-year average. Putting a floor under prices were persistent uncertainties about further Russian supplies as investors await details on how EU companies can pay for Russian gas without breaking sanctions.
Historically, EU Natural Gas reached an all time high of 345 in March of 2022. EU Natural Gas - data, forecasts, historical chart - was last updated on May of 2022.
EU Natural Gas is expected to trade at 96.54 EUR/MWh by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 131.20 in 12 months time.