TTF natural gas prices reach two-year highs as ING forecasts elevated costs through the 2026/2027 winter season, driven by tight LNG supply and persistent storage deficits.
TTF prices are currently experiencing significant upward pressure, reaching levels not seen since December 2022, driven by an 80% year-on-year decline in Persian Gulf LNG flows. ING analyst Warren Patterson notes that intense competition between Asia and Europe for limited spot cargoes, combined with low European storage levels and mandatory German procurement, will sustain these elevated prices through the 2026/2027 winter season.
ING forecasts TTF prices to average EUR73/MWh over the 2026/2027 winter.
ING anticipates an aggressive sell-off in TTF prices starting from the second quarter of 2027.
European natural gas prices at the Dutch Title Transfer Facility (TTF) have climbed to their highest levels since December 2022. ING analysts attribute the rally to an 80% year-on-year decline in Persian Gulf LNG shipments and sustained competition for spot cargoes between Asian and European buyers.
Prices are rising due to a sharp 80% drop in Persian Gulf LNG supply, combined with low storage levels in Europe and intense competition for spot cargoes from Asian markets.
ING forecasts elevated prices through the 2026/2027 winter, followed by an aggressive market correction and sell-off starting in the second quarter of 2027.