The front-month (Mar’25) TTF swap contract continued to strengthen in the fortnight ending 7 February, climbing from under €50/MWh on 23 Jan to €54.36/MWh on 6 Feb. European gas supplies remain tight, with total gas in storage now stood at 50% of capacity at 581 TWh, as per Gas Infrastructure Europe. Additionally, global LNG supplies have also been reeling from the increase in uncertainty from US President Donald Trump’s imposed tariffs on Canadian and Mexican crude oil. While Trump postponed these tariffs by a month after negotiating border security conditions with Canadian PM Justin Trudeau and Mexican President Claudia Sheinbaum, he also imposed a 10% tariff on Chinese exports into the US.
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