European Gas prices surge on cold weather fears – ING
By FXStreet Insights Team
Date Published: 19 Jan 2026 | Date Modified: 19 Jan 2026
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European Gas prices extended their rally on Friday, with TTF jumping more than 11% to the highest close since June amid low storage levels and colder weather forecasts, ING's commodity experts Ewa Manthey and Warren Patterson note.
European Gas prices extended their rally on Friday, with TTF jumping more than 11% to the highest close since June amid low storage levels and colder weather forecasts, ING's commodity experts Ewa Manthey and Warren Patterson note.
Europe Gas trades premium to Asian LNG
"European Gas prices continued their rally on Friday. TTF settled more than 11% higher on the day. The market settled at EUR36.88/MWh, the highest close since June. EU Gas storage is now just 50% full, well below the 5-year average of 65% full."
"Meanwhile, forecasts for colder-than-usual weather towards the end of January are proving bullish for prices. We had been warning for some time about the risk of an aggressive short-covering rally in the European Gas market, given the record short position held by investment funds in TTF heading into winter."
"The rally in the European market has seen Gas prices in the region trade at a premium to Asian LNG. This should attract additional LNG supply into Europe, helping to alleviate some of the growing tightness concerns."
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