European natural gas prices plunged sharply, with TTF falling over 7% amid heavy fund selling. A pause in tariffs may offer a temporary lift, but market positioning remains cautious, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
Tariff pause may lift gas market
"European natural gas prices came under significant pressure yesterday with TTF falling by more than 7%. However, the tariff pause should see the gas market opening higher today. Meanwhile, the latest positioning data shows that investment funds have been heavily selling TTF."
"Funds sold 19.7TWh over the last reporting week to leave them with a net long of 126.3TWh -- the smallest net long since May last year."
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