European gas prices rise 3% as storage trails seasonal average

  • European natural-gas prices rose in early trading as storage levels drew market focus.
  • Dutch TTF gained 3% to 74 euros per megawatt-hour.
  • European Union inventories were 70% full versus an 86% seasonal average.

European natural-gas prices rose in early trading, with the benchmark Dutch TTF contract gaining 3% to 74 euros per megawatt-hour. Market attention remains fixed on storage levels before the winter heating season, as European Union inventories stand at 70% full compared with a seasonal average of 86%. Limited progress in diplomatic talks between the U.S. and Iran is adding uncertainty to the broader energy outlook. Higher LNG flows into northwest Europe have provided some relief, but heavy maintenance has reduced Norwegian pipeline flows and constrained the region's storage buffer, analysts at ANZ say.

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