In Week 28 of 2025, European gas prices increased, with TTF gas futures trading between €32 and €35/MWh. The average weekly price reached €34.575/MWh, up 3.3% from the previous week. Prices peaked at €35.56/MWh on July 11.
Supply from Norway and LNG remained stable, while demand in Europe declined due to milder temperatures and weakening consumption. However, a heatwave in North Asia pushed LNG demand higher, diverting shipments away from Europe. Notably, a Qatari LNG tanker originally bound for Belgium was rerouted to Singapore, highlighting increased Asian demand.
U.S. tariff policies created market uncertainty but did not significantly impact prices. Despite higher cooling demand in Europe due to warmer weather, forecasts predict a return to average temperatures later in July, potentially easing consumption.
EU gas storage stood at approximately 63% capacity as of mid-July, below typical levels, prompting concerns over winter supply security. Meanwhile, U.S. Henry Hub gas prices traded around $3.54/MMBtu (€11.23/MWh), and Asian JKM futures were at $12.30/MMBtu.
