TTF futures continue downward trend

Futures at the Dutch TTF gas hub saw a further decline in early trading on March 15, amid forecasts of above-average temperatures next week in north Europe, and easing concerns about a potential disruption in Russian gas supplies due to the war in Ukraine.

The April contract at TTF was down 3% at 08:10 GMT, at €110 ($121)/MWh. The contract has seen relatively steady decline since it spiked at €227/MWh on March 7. Russian gas supply via Ukraine remains stable despite Moscow's invasion. Talks between the two sides are now taking place on a daily basis, raising hopes that an end to the war, or at least a ceasefire, could be near.

Withdrawal rates at EU gas storage facilities have fallen to a minimal level, thanks to rising temperatures. As of March 15, the facilities were 26% full, according to data published by Gas Infrastructure Europe.