In late October 2025, TTF gas futures remained relatively stable, trading in the €31–32/MWh range. The completion of maintenance at Norway’s Troll gas field and forecasts of mild, windy weather through mid-November were the main factors supporting steady prices.
On the ICE exchange, TTF futures for December 2025 delivery were slightly lower compared to Week 43, averaging around €32/MWh throughout the last week of October. On Wednesday, October 29, prices rose by 1.1% from the previous day, reaching the weekly high of €32.117/MWh — 0.2% higher than the previous Wednesday. Over the following days, prices eased modestly, with the weekly low of €31.122/MWh recorded on Friday, October 31, marking a 0.8% decline from the previous session and 3.6% below the level seen a week earlier. The weekly average settlement price stood at €31.605/MWh, down 2.0% compared to Week 43.
Overall, TTF futures traded in a narrow range during late October and early November, reflecting comfortable gas storage levels across Europe and stable LNG inflows that kept prices capped. Weather patterns and renewable electricity generation remained the key short-term drivers of market sentiment. Front-month contracts hovered in the low-to-mid €30s/MWh, showing little direction in the absence of a major supply shock or a shift to colder weather.
Meanwhile, Europe’s LNG infrastructure expansion is slowing as falling gas demand reshapes the continent’s energy outlook. According to the Institute for Energy Economics and Financial Analysis (IEEFA), Europe’s regasification capacity grew by 13% in 2023 and 8% in 2024, but is projected to expand by only around 2% in 2025. Gas consumption across Europe is expected to drop by roughly 15% between 2025 and 2030, with LNG imports potentially declining by about 20%.
Several LNG terminal projects have been cancelled or delayed — including Germany’s planned FSRU at Mukran, while France’s Le Havre terminal remains underused following a court ruling ordering its removal. Although LNG imports increased by roughly 24% year-on-year in the first half of 2025 due to reduced Russian pipeline supplies, the growing gap between import capacity and demand raises the risk of stranded infrastructure.
The overall impact on gas prices is likely to be mixed: while weaker demand could help keep prices moderate, slower infrastructure expansion may reduce market flexibility during future supply disruptions, increasing the potential for renewed volatility.
