European natural gas prices continue to sell off, with Title Transfer Facility (TTF) falling 3.89% yesterday, ING’s commodity experts Ewa Manthey and Warren Patterson note.
EU storage continues to build
“It traded down to a seven-week low. De-escalation in the Middle East might ease concerns over potential LNG supply disruptions. Meanwhile, EU storage continues to build with it currently standing at 57% full, down from 76% at the same stage last year.”
“This is similar to 2022 levels. The market remains finely balanced, so we expect further downside in prices to be limited in the short to medium term.”
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