Following a successful test of support, the European gas market continues to recover. TTF held the key €46/MWh zone, from which a confident rebound toward €48–49/MWh followed.
This is an important technical signal for the market: buyers have once again begun actively defending levels that previously served as the base for the spring rally. Against the backdrop of low gas storage levels in Europe, any correction is currently perceived more as a buying opportunity rather than the start of a new downtrend.
Europe: storage deficit maintains bullish fundamentals
The key driver remains the situation with gas storage. European storage levels are significantly below multi-year averages, which preserves a risk premium in winter contracts. At the same time, the market is closely watching global LNG flows and competition with Asia for spot cargoes. The need for accelerated injections during the summer limits downside potential and supports the recovery following the recent support test.
USA: Henry Hub also forming a recovery
The U.S. market is becoming increasingly constructive. After nearly a 19% rally in May, Henry Hub prices are holding in the $3.00–3.10/MMBtu range, with recent sessions confirming the formation of a local base above $3.00. Support comes from forecasts of hot weather in the second half of June, seasonal demand growth from the power sector, and the recovery of LNG terminal utilization after maintenance. Analysts note that if heat intensifies, the market could test the $3.35–3.50/MMBtu range.
USA and LNG: structural factor gaining strength
In the medium term, the outlook for U.S. gas remains favorable due to expanding LNG export capacity. The launch of new projects, including Golden Pass and Corpus Christi Stage 3, is increasing export demand and gradually linking the U.S. domestic market with the global gas deficit. This means that even with relatively comfortable domestic inventories, U.S. gas receives additional support from the global LNG market.
Near-term outlook
The current picture looks significantly stronger than a few weeks ago. Both TTF and Henry Hub have rebounded from key support zones, while fundamental factors remain favorable for buyers. As long as European gas holds above €46/MWh and U.S. gas above $3.00/MMBtu, the base scenario предполагает continuation of the recovery. The main drivers remain low storage levels in Europe, rising summer demand in the U.S., and growing global demand for American LNG.
The rebound from support around $3.00 keeps the near-term outlook positive, with bulls likely to retest the $3.16–3.20 range. A loss of support, as noted earlier in Natural gas declines, but fundamental risks remain, would open the way for a move toward $2.90–2.80.
Latest Natural Gas News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
