European gas storage declines 0.01pp to 59.32% amid Persian Gulf LNG disruptions, lifting TTF prices despite fund position cuts.
European gas prices climbed this week, with the TTF benchmark surpassing EUR 60 per megawatt-hour. The increase comes despite hedge funds reducing net long positions by 16.6 TWh to 228.2 TWh in the latest reporting period.
EU gas storage levels fell marginally by 0.01 percentage point to 59.32%, a rare decline during the injection season. Analysts warn that ongoing LNG supply disruptions in the Persian Gulf could further strain storage ahead of the 2026/27 heating season.
The storage slip, though small, raises concerns about Europe’s ability to maintain adequate reserves as demand risks grow. Funds’ reduced exposure contrasts with the upward price momentum, signaling cautious sentiment.