Another short week after the Easter break and the European and UK gas markets have been quite uneventful so far. Volatility has simmered down given the recent turmoil with less news around Trump’s tariffs. UK front month gas price tested 80 p/th intraday and TTF tested €33.00 /MWh but both failing to break through. Warmer weather forecasts expected over the coming weeks will dampen demand levels, whilst continued LNG arrivals to the region and stable Norwegian flows are allowing storages to inject at a good pace. European storage levels are currently around 37% full. However, the next wave of Norwegian maintenance will reduce flows into the UK and Continent, although this has been in the planning and should be accounted for.
Elsewhere on the geopolitical front the European Commission is assessing whether it could legislate to forbid firms in the EU from signing new supply contracts for Russian fossil fuels, including LNG. Certain countries are still heavily reliant on Russian gas and therefore the Commission said it will look at other tools that could hasten their reliance. It plans to set out the options for doing so in their ‘roadmap’ on May 6th.
Meanwhile the situation in Ukraine isn’t getting any better either, missile and drone attacks continue with President Trump’s frustration increasing on both sides. His latest post on social media stated “Vladimir, STOP!” “I am not happy with the Russian strikes on KYIV. Not necessary, and very bad timing,”. This comes a day after saying Ukraine’s leader was hampering peace talks on ending Russia’s war in Ukraine. Looks like a peace deal is quite a long way away.
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