Accordin to AleaSoft Energy Forecasting, TTF gas futures in the ICE market for the FrontMonth, in the fourth week of May continued with the price increases initiated in the last sessions of the previous week. On Monday, May 20, they registered their weekly minimum settlement price, €31.77/MWh, which was already 7.4% higher than the previous Monday. Price rises continued until Thursday, May 23. On that day, these futures reached their weekly maximum settlement price, €35.83/MWh.
According to data analyzed at AleaSoft Energy Forecasting, this price was 18% higher than the previous Thursday and the highest since the first half of December 2023. On Friday, May 24, after a 4.8% decrease, the settlement price was €34.11/MWh. This was still 11% higher than the previous Friday.
In the fourth week of May, forecasts of higher demand for air conditioning, combined with lower supply, drove prices higher. Forecasts of high temperatures for the coming summer and high demand for liquefied natural gas from the Asian market might continue to exert their upward influence on TTF gas futures prices. However, European reserve levels remain high. On the other hand, news that Russian gas supplies to Austria might end this summer due to legal problems in making payments also contributed to the price increase in the fourth week of May, AleaSoft Energy Forecasting reports.