Natural gas: Storage worries with TTF higher – ING

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."

"Despite the pullback in net longs, concerns around Europe’s gas storage trajectory continue to build as the region moves closer to the 2026/27 heating season, particularly with ongoing Persian Gulf LNG disruptions threatening to tighten supply further."

"The latest storage data from Gas Infrastructure Europe shows that EU storage fell by 0.01pp to 59.32%. While this is a very marginal decline, it still is not a great sign for Europe in the middle of the injection season."