24.02.202615:01:08UTC+00TTF Prices Fall on LNG, Renewables

European natural gas futures have slipped below €31 per megawatt-hour, weighed down by ample LNG supply and increasing renewable power generation that is curbing demand from gas‑fired plants. Wind and solar output in north‑west Europe is forecast to rise into the weekend, further reducing gas consumption by utilities.

LNG send-out remains robust at more than 2,500 gigawatt-hours per day, with a dense schedule of cargo arrivals stretching into March. Although Norwegian gas exports have been disrupted by outages, flows are expected to recover by early March, adding to the supply cushion.

However, further downside in prices may be capped by geopolitical risks and relatively low storage levels. EU gas inventories are below 31%, compared with 40.7% at the same time last year. Storage in Germany stands at 20.7% and in France at 21.1%. Market participants are also tracking remarks by Donald Trump on Iran, as heightened tensions around the Strait of Hormuz could pose a threat to LNG shipping routes and supplies.