European Gas Futures Top 100 Euros as EU Storage Trails Norms

European benchmark natural gas futures rose above 100 euros per megawatt-hour for the first time since December 2022, as EU storage sat below its seasonal norm and inventories began to fall.

Dutch TTF futures gained as much as 4.1%. The benchmark is a wholesale natural gas trading hub used to track European prices.

EU storage facilities were 75% full, compared with a 10-year average of about 90% for this point in the season. Inventories declined last week for the first time this year as the bloc entered its withdrawal period with seasonally low stocks.

Parts of continental Europe are expected to face a cold spell early next month. U.S. natural gas prices have remained constrained amid ample supplies and El Niño-related warmth across the Lower 48.