FX.co ★ TTF Prices Rise for 2nd Week

European natural gas futures have seen a rise of more than 5% this week, reaching €44.5 per megawatt-hour, building upon a 9% increase from the previous week. This surge comes as investors adjust to the reality that the likelihood of Russian gas supplies flowing to Europe remains slim. Speculation arose prior to a significant discussion between Russian President Vladimir Putin and U.S. President Donald Trump, where it was anticipated that Russian gas pipeline flows to Europe might resume, aiding in the replenishment of gas storage, which currently falls below 35%, far from the 90% target set for November 1. Nonetheless, during the call, Putin laid out conditions to end the ongoing conflict, demanding that the U.S. and other countries cease the provision of weapons and intelligence to Ukraine. Although he agreed to temporarily suspend strikes on Ukraine’s energy infrastructure—potentially to safeguard Russia's interests from retaliation—he denied the possibility of implementing a full 30-day ceasefire. Subsequently, shortly after the conversation concluded, Russia proceeded to execute drone attacks on Kyiv and other Ukrainian cities, thereby quashing any immediate hopes for a peace resolution.