European natural gas prices remained relatively stable in early September, supported by coordinated global LNG imports that maintained adequate storage levels across the continent. Although European gas inventories were 16% lower than last year, rising US LNG exports and expanded terminal bookings helped ensure supply security for European consumers.
TTF gas futures on the ICE market for October 2025 delivery were slightly lower in the first week of September compared to Week 35, staying around €32/MWh throughout the week. On September 2, futures reached a weekly minimum of €31.772/MWh, down 0.9% from the previous day and 5.5% lower than the previous Tuesday. Prices subsequently rose, hitting a weekly maximum of €32.412/MWh on September 4, which was 0.9% higher than the previous day and 2.2% higher than August 28. The weekly average price was 2% lower than Week 35’s average.
Europe has benefited from lower gas prices over the past two months, supported by relatively high storage levels. With abundant global LNG supplies and weaker Asian competition, the continent is well-positioned for the approaching winter, barring major demand or supply disruptions. According to the AGSI platform, European gas storage was 78.1% full as of September 1, compared with 92.36% on the same date in 2024. Storage levels rose to 78.08% by September 2, an increase of 1.84% from the previous week and 6.75% above the start-of-year level, though injection rates have slowed slightly.
Analysts from Mind Energy noted that despite Norwegian maintenance work, gas flows remained stable and the market was calm. European traders faced challenges replenishing stocks this summer after winter depletion, with LNG imports dropping from a March peak of around 11 million tons to 7.4 million tons in August due to weaker regional demand and increased Asian purchases, which reached 26 million tons.
On the supply side, Russian President Vladimir Putin stated on September 3 that the planned Power of Siberia 2 pipeline would provide China with a competitive advantage, delivering gas at a price lower than Europe. A binding memorandum between Russia and China was signed during Putin’s visit, though key details and pricing formulas are still to be finalized. The pipeline could eventually transport an additional 50 bcm of gas per year from Russia’s Arctic Yamal fields to China via Mongolia. Once operational, Russia would supply China with over 100 bcm of gas annually, offering Beijing greater options to reduce reliance on US LNG.
