European natural gas prices swung higher on Monday, carrying Friday’s momentum and starting what is likely to be another volatile week of trading as August comes to an end and the market factors in a number of risks despite a comfortable supply outlook for the continent.
European storage inventories surpassed 90% of capacity last week, more than two months before the European Union’s statutory deadline to hit that level. The milestone, along with stable flows of Russian gas through Ukraine to the continent despite combat near a key transit point, have cooled prices that reached record 2024 highs earlier this month.
However, the Title Transfer Facility (TTF) gained 2% Monday, adding to a 1% gain on Friday and keeping the prompt contract above $12/MMBtu.
