TTF gas prices rose slightly in Week 39 of 2025 but remained within a narrow range. The gradual completion of maintenance works in Norway helped increase gas supply, while strikes in France disrupted LNG deliveries and limited imports.
TTF gas futures on the ICE market for November 2025 delivery showed a modest increase during the fourth week of September compared to Week 38, maintaining an average value of around €33/MWh throughout the week. On Monday, September 22, futures reached their weekly minimum settlement price of €32.384/MWh, up 0.2% from the previous session and 0.7% from the prior Monday. By Friday, September 26, prices had climbed to a weekly high of €33.135/MWh following a 1.6% daily gain, marking a 2.6% increase compared to Friday, September 19. The weekly average settlement price of €32.709/MWh represented a 0.9% rise from Week 38.
Norwegian gas flows to continental Europe increased by 640 GWh per day from the previous week, reaching 2,450 GWh per day as several installations returned from maintenance, according to analysts at LSEG. They noted that the recovery in Norwegian supply was “badly needed” to avoid excessive withdrawals from storage facilities this early in the heating season.
However, European gas storage levels are expected to decline in the coming week as colder weather and lower wind power generation boost gas demand, while limited LNG arrivals from French terminals further constrain supply. French LNG terminal operator Elengy declared force majeure at its Montoir, Fos Tonkin, and Fos Cavour sites, with no vessel arrivals expected before October 2.
As of September 23, EU gas storage facilities were 82% full, compared to 93.8% at the same time last year, according to data from Gas Infrastructure Europe. Meanwhile, Bulgaria announced plans to suspend Russian gas transit for short-term contracts starting in 2026, in line with the European Union’s objective to completely phase out Russian gas imports. Bulgarian Prime Minister Rosen Zhelyazkov confirmed the move to the national news agency BTA, emphasizing that the long-term goal is to end Russian gas transit entirely by 2028.
The EU initially targeted the end of 2027 to fully eliminate Russian gas imports, marking a major shift away from dependence on its former primary supplier. However, recent discussions within the EU have focused on advancing that timeline by one year. The proposed sanctions still require unanimous approval from all EU member states, with Hungary and Slovakia expressing opposition to new restrictions on Russian energy.
Bulgaria’s energy minister Zhecho Stankov stated that ending reliance on Russian gas would strengthen Bulgaria’s position as a regional gas transit hub. He highlighted that two LNG deliveries from U.S. terminals are already confirmed for November and December, ensuring supplies for domestic consumers and businesses.
Since 2022, Bulgaria—once fully dependent on Russian gas—has diversified its energy sources, replacing Russian imports with gas from Azerbaijan and LNG supplies from a terminal in Greece. The country has also begun constructing a pipeline section near Kresna to connect its grid with southern entry points in Greece, part of the broader Horizontal/Vertical Gas Corridor initiative aimed at improving energy security and reducing dependence on a single supplier.
