TTF gas futures experienced mild upward pressure following the European Union’s approval of a new sanctions package against Russia, which includes a ban on Russian LNG imports effective from 2027. While the announcement initially boosted market sentiment, the impact was limited by strong supply conditions and storage facilities near full capacity across Europe. As a result, front-month TTF prices stayed below €32.5/MWh, showing minimal week-on-week changes.
On the ICE market, TTF futures for November 2025 delivery traded slightly lower during the fourth week of October compared to Week 42, remaining around €32/MWh throughout the week. On Tuesday, October 21, prices fell by 1.7% from the previous day to a weekly low of €31.2/MWh, which was 1.8% below the level recorded on October 14. They then rose modestly, reaching a weekly high of €32.454/MWh on Thursday, October 23 — up 2.2% from the previous session and 0.2% higher than on Thursday, October 9. The contract settled slightly lower by October 24 (€32.016/MWh), ending the week with an average settlement price of €31.835/MWh, just 0.1% below the previous week’s average.
In early November, prices are expected to remain relatively stable, supported by high storage levels and steady LNG inflows. Market attention will focus on temperature trends and wind generation output, which may influence short-term demand. Any signs of colder-than-usual weather or disruptions to LNG deliveries could trigger brief price fluctuations, although overall fundamentals point to a well-supplied market.
The European Union’s decision to phase out all Russian natural gas imports by 2028 is prompting Greek energy companies to secure alternative supplies, particularly LNG. Major regional firms such as DEPA and Metlen, which hold long-term contracts with Gazprom, are already diversifying by signing agreements to purchase U.S. LNG starting in 2028. This marks a significant step toward reducing reliance on Russian gas and strengthening long-term energy security across Southeast Europe.
Under EU policy, Greece must replace about 45% of its Russian gas imports—equivalent to roughly 3.5 billion cubic meters per year—within the next two years, as part of the broader phase-out plan by the end of 2027. The transition will be achieved through increased imports from alternative suppliers, with a particular emphasis on U.S. LNG, positioning Greece as a growing regional energy hub.
The full elimination of Russian gas imports is expected to leave a supply gap of around 16 billion cubic meters in Central and Eastern Europe. The United States, as the world’s largest LNG exporter, views Greece’s expanding infrastructure as a vital gateway for channeling American LNG northward through Bulgaria and Ukraine, and westward toward Hungary and Austria — reinforcing Greece’s emerging role as a key LNG transport hub for the wider region.
