It has been a year since the TTF gas price reached a record level of over EUR 300/MWh. Although prices have fallen by more than 85%, the energy crisis is still not behind us. Indeed, markets remain very sensitive to news reports indicating increasing tightness in the market. This could be due to supply disruptions, such as the strikes at LNG terminals in Australia, or additional demand for gas. Despite the fact that prices should actually fall due to well-stocked gas supplies, energy news – and hence gas prices – will continue to dominate in the coming months.
Oil prices, on the other hand, are very stable and still trading sideways. Possible tightness could push prices higher in the fourth quarter, but economic headwinds are preventing this price rise for now.