Turning to European pure gasoline, funding funds lowered their web lengthy in TTF by 17TWh to 105TWh during the last reporting week, ING’s commodity consultants Ewa Manthey and Warren Patterson word.
Pipeline restart nonetheless unlikely regardless of ceasefire hopes
“That is the smallest place funds have held within the Title Switch Facility (TTF) since late Might. Speculators are possible lowering danger heading into the Trump-Putin summit amid uncertainty round whether or not we’ll see a ceasefire or stricter sanctions.”
“A ceasefire would possible put some fast downward strain on costs and result in elevated noise round a restart of some Russian pipeline flows into Europe, as we noticed earlier within the yr. Nevertheless, we nonetheless imagine a restart of pipeline flows stays not possible.”
“Regardless of EU allowances (EUAs) buying and selling in a reasonably regular method in latest weeks, funding funds proceed to purchase EUAs, growing their web lengthy 8.1k contracts to twenty-eight.9k contracts. This marks the third consecutive week of will increase and likewise the most important place held since March. Whereas the EUA market is nicely equipped this yr, which ought to cap costs, provide is about to fall significantly in 2026, leaving the market tighter.”
