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Investment funds increase net long positions in TTF natural gas
Net longs in TTF rose by 26.7 TWh to 181.9 TWh, while ING flags only 53% EU storage versus a 5-year average of 68% ahead of the heating season.
ING’s Warren Patterson and Ewa Manthey said investment funds have sharply increased net long positions in TTF natural gas, driven by fresh longs entering the market.
They cited data showing funds boosted net long exposure by 26.7 TWh over the last reporting week to 181.9 TWh, a shift they described as dominated by new buying.
ING warned that LNG and European gas markets look vulnerable as US Iran hostilities flare and competition between Europe and Asia for spot LNG cargoes intensifies.
With LNG supply disruptions and stronger power generation demand, they said refilling storage ahead of winter is becoming more difficult, noting EU gas storage at 53% full versus a 5-year average of 68%, and that it remains below the EU’s 75% minimum target going into the heating season.
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