ING’s Warren Patterson and Ewa Manthey highlight that European gas prices have firmed, with TTF above EUR 60/MWh, even as positioning data show funds trimming net longs. EU gas storage has slipped slightly during the injection season, and ongoing Persian Gulf LNG disruptions raise concerns over Europe’s storage trajectory ahead of the 2026/27 heating season.
TTF gains as storage slips
“European gas has firmed notably this week, with TTF pushing back above EUR 60/MWh, yet the lagged positioning data tells a different story. Investment funds trimmed their net long in TTF by 16.6 TWh, bringing it down to 228.2 TWh over the latest reporting week.”
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