Shrinking room in EU gas stocks pressures TTF lower

EU gas stocks exited May at 69% full, 19% above the 5-year normal, as this season’s injections build upon the significant buffer from the end of winter. If injection rates over this season to date are sustained, levels would hit tank tops by mid-October, driving the ongoing fall in prices. The current downtrend in prices saw front-month TTF reach a 2-year low this Monday at €24.98/MWh.