European natural gas futures fell in the last week of August as weak demand allowed storage levels to rise faster than the impact of reduced Norwegian supply caused by maintenance work. Despite the decline, the weekly average price was still higher than the previous week.
TTF gas futures on the ICE market for October 2025 delivery were lower compared to Week 34 of 2025, staying around €33/MWh throughout the week. On Monday, August 25, TTF futures reached their weekly high settlement price of €33.973/MWh, which was 1.2% higher than the last session of the previous week and 8.6% higher than Monday, August 18. Prices then fell, and by Friday, August 29, they had reached the weekly low of €31.622/MWh, down 0.3% from the previous day and 5.8% lower than the previous Friday. Even so, the weekly average settlement price was 1.5% higher than the average TTF gas price in Week 34.
In the fourth week of August, maintenance work reduced gas flows from Norway. Nevertheless, European storage levels continued to increase due to low gas consumption. Liquefied natural gas availability was supported by weak demand in Asia, which also contributed to lower prices. Additionally, Russian LNG exports to China could further reduce competition for global LNG supplies. However, uncertainty over future LNG availability remained after Russia and China agreed to move forward with the Power of Siberia 2 pipeline project between the two countries.
