Access to AleaSoft Energy Forecasting, TTF gas futures in the ICE market for the FrontMonth, on Monday, May 13, continued with the declines of the previous week. On that day they reached their weekly minimum settlement price, €29.58/MWh.
According to data analyzed at AleaSoft Energy Forecasting, this price was 8.0% lower than the previous Monday and the lowest since May 2. Subsequently, settlement prices recovered. As a consequence of the price increases of the third week of May, on Friday, May 17, these futures reached their weekly maximum settlement price, €30.77/MWh. This price was 2.5% higher than the previous Friday. However, despite the increases registered during the week, the weekly average of settlement prices was lower than that of the previous week.
In the third week of May, planned maintenance work and the corresponding decrease in gas flow from Norway starting the following week, as well as forecasts of lower renewable energy production in Europe, which would cause an increase in gas demand for electricity generation, drove TTF gas futures prices higher. Higher Asian demand for liquefied natural gas also contributed to the price increases, AleaSoft Energy Forecasting reports.