For TTF gas futures in the ICE market for the FrontMonth, the average value registered during February was €25.76/MWh. According to data analyzed at AleaSoft Energy Forecasting, compared to the average FrontMonth futures traded in January, €29.91/MWh, the February average decreased by 14%. Compared to the FrontMonth futures traded in February 2023, when the average price was €52.65/MWh, there was a 51% drop.
In February, instability in the Middle East and disruptions in the supply from Norway exerted an upward influence on TTF gas futures prices. The evolution of temperature and wind energy production forecasts also influenced the price evolution.
However, the abundant supply of liquefied natural gas and the still high levels of European reserves led prices to fall during this month. As a result, the average price for February 2024 was the lowest since May 2021.
