European Gas surges above €33/MWh on cold snap forecast – ING

💡 DMK Insight

European gas prices are on the rise again, and here’s why that matters: a 4.2% jump with TTF back above €33/MWh signals potential volatility ahead. The recent cold snap forecasts are likely to strain supply, which could push prices even higher in the short term. Traders should keep an eye on how this affects not just gas but also related markets like electricity and heating oil, as they often move in tandem. If TTF can hold above €33/MWh, it might attract more speculative buying, but a failure to maintain this level could lead to a quick pullback. It’s worth noting that while the immediate reaction is bullish, the broader context of high storage levels and potential demand destruction from rising prices could temper long-term gains. Watch for key resistance around €35/MWh, as breaking through could indicate a stronger bullish trend, while a drop below €32/MWh might signal a reversal. Keep an eye on weather forecasts and storage reports for further clues.