TTF prices have spiked this week
Supply blows rock European gas market
Russian reductions compound US LNG outage as continent seeks relief in the short and longer term
Russian state-controlled gas firm Gazprom has roiled the European market by announcing two cuts to maximum flow levels through its Nord Stream 1 pipeline this week, citing compressor issues. The supply reductions come on the back of a cut in US LNG export capacity due to a fire at the Freeport LNG export facility on Texas’ Gulf of Mexico coast. The benchmark northwest Europe TTF front-month contract on the Ice exchange jumped by almost 45pc in just two trading days, from €83.40MWh ($86.90/MWh) on Monday to over €130/MWh by the end of Wednesday, before rising further to €145/MWh+ in Thursday morning trade. In the wake of mounting supply concerns, Centrica—the UK’s largest gas utility—has stru
Also in this section
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
