Europe: TTF gas futures reached the weekly maximum of 32.1 euros/MWh

According to AleaSoft Energy Forecasting, TTF gas futures in the ICE market for the FrontMonth, on Monday, May 6, reached their weekly maximum settlement price, €32.14/MWh.

According to data analyzed at AleaSoft Energy Forecasting, this price was 15% higher than the previous Monday and the highest since April 19. Subsequently, settlement prices declined, but they remained above €30/MWh. On Friday, May 10, these futures reached their weekly minimum settlement price, €30.03/MWh. This price was 1.6% lower than the previous Friday.

In the second week of May, concerns about supply to refill reserves for the coming winter drove TTF gas futures prices higher. LNG supply decreased in April due to higher prices in Asian markets. In addition, next winter might be colder than normal. However, still high European reserve levels continued to limit price increases, AleaSoft Energy Forecasting reports.

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