Settlement prices of TTF gas futures in the ICE market for the FrontMonth, in the first sessions of the week of January 29, continued the upward trend started at the end of the previous week. As a result, on Wednesday, January 31, these futures reached their weekly maximum settlement price, €30.24/MWh.
According to data analyzed at AleaSoft Energy Forecasting, this was the only time that settlement prices for this product exceeded €30/MWh during the second half of January. In the first sessions of February, settlement prices were below €30/MWh again. On Friday, February 2, the settlement price was €29.30/MWh. This price was 4.2% higher than the previous Friday.
Instability in the Middle East contributed to the increase in TTF gas futures prices in the last sessions of January. However, still high European stock levels and abundant supply continued to exert a downward influence on prices.
