July 23, 2025
Owner's Engineer banner
HomeSEE Energy NewsEurope: Natural gas prices dip amid supply recovery and new EU sanctions...

Europe: Natural gas prices dip amid supply recovery and new EU sanctions on Russia

Supported byClarion Energy

In Week 29 of 2025, European natural gas prices dipped slightly, with the benchmark Dutch TTF contract averaging €34.542/MWh. Prices briefly rose above €35 earlier in the week, driven by unplanned outages at Norway’s Nyhamna and Kollsnes processing plants and increased competition for LNG cargoes from Asia. However, as supply from Norway recovered, prices eased toward the end of the week.

TTF gas futures for August 2025 delivery remained around €34/MWh throughout the week. On July 14, futures reached a weekly peak of €35.454/MWh, slightly lower than the previous week’s close but higher than the prior Monday. Prices then declined steadily, ending at €33.595/MWh on July 18, the lowest point for Week 29.

Despite a slight rise on July 14, Dutch wholesale gas prices traded within a narrow range amid stable supply. Market participants closely watched Asian LNG demand, supported by a heatwave in Japan and North Korea, which could limit LNG cargo availability for Europe.

Supported byVirtu Energy

Prices briefly increased on July 16 due to the Nyhamna outage, but fell by July 18 as Norwegian supply improved and higher wind generation in Germany reduced gas demand. EU gas storage levels stood near 64%, the lowest seasonal level in three years. Analysts noted that cooler weather forecasts for late July and August might reduce demand driven by air conditioning.

Meanwhile, the EU adopted its 18th sanctions package against Russia, including a ban on the Nord Stream 1 and 2 pipelines. The sanctions aim to curtail Russian energy revenues through measures such as lowering the crude oil price ceiling and banning transactions related to the pipelines, which remain economically and geopolitically significant despite being offline since late 2022.

Some EU countries, including Hungary, Serbia, Greece, and Slovakia, continue to import Russian gas. Slovakia opposes a full Russian energy phase-out, citing risks of supply shortages, price increases, and potential contract damages with Gazprom. Slovak Prime Minister Robert Fico has advocated for an exemption allowing continued imports under existing contracts until 2034.

RELATED ARTICLES

Supported byOwner's Engineer
Supported byElevatePR Serbia
Supported byClarion Energy
Supported by
error: Content is protected !!