In Week 30 of 2025, European gas prices declined, with Dutch TTF prices falling below €34/MWh — the lowest level recorded since April 29, 2025. This decrease was mainly driven by steady Norwegian gas supplies and continued progress in EU gas storage refilling. By the end of July, storage levels had surpassed 65% capacity, putting the European Union on track to meet its 80% storage target by November 1.
On the ICE exchange, TTF gas futures for August 2025 delivery remained consistently lower compared to the previous week. Throughout the last week of July, prices hovered around €32/MWh. The weekly high was reached on Monday, July 21, with a settlement price of €33.159/MWh — a decrease of 1.3% compared to the last trading session of Week 29 and 6.5% lower than Monday, July 14. On Tuesday, July 22, prices slipped further to €33.111/MWh, down 0.1% from the previous day and 3.9% lower than the same day the week before. The downward trend continued until Thursday, July 24, when prices hit a weekly low of €32.358/MWh, marking a 6.0% drop compared to the previous Thursday. A modest recovery followed on Friday, July 25, with the settlement price reaching €32.449/MWh. The weekly average price stood at €32.753/MWh, which is 5.2% lower than the Week 29 average.
The downward movement in prices early in the week was supported by an increase in gas supplies from Norway, particularly after the completion of maintenance at the Troll gas field. This rise in supply coincided with stronger wind power generation, which reduced the need for gas-fired electricity production. Stable supply and moderated demand continued to influence the market on Tuesday through Thursday. However, by Friday, TTF gas prices rebounded slightly due to forecasts predicting weaker renewable power output, increasing the short-term demand for gas in power generation. Solar generation remained subdued due to cloudy weather, with only slight improvement expected over the weekend.
Overall, the European gas market showed signs of stabilization after previous volatility driven by geopolitical tensions and shifting global demand. Easing concerns in the Middle East and higher LNG imports contributed to this trend, while rising storage levels across the EU helped suppress extreme price fluctuations. The TTF benchmark price approached its lowest levels of 2025, bolstered by ample supply and resilient storage performance. Since the end of May, the gap to typical storage levels has narrowed by around three percentage points, reaching just under 9.5%.
Data from European Gas Hub indicated that the EU is on course to achieve 80–85% storage capacity before the winter heating season begins. Storage fill levels vary across countries, with Italy leading the region by exceeding 75% of capacity. This strong position has been largely supported by record-breaking LNG import volumes, making Italy the top contributor to incremental LNG imports into Europe in 2025.
According to the latest report from the International Energy Agency (IEA), gas demand in Europe increased by 6.5% in the first half of 2025, primarily due to greater reliance on gas-fired power plants. This rise in demand has been manageable thanks to weaker-than-expected gas demand in Asia and growing LNG supply from the United States and the Middle East. In 2025, global LNG supply is forecast to grow by 5.5% (equivalent to 30 billion cubic meters), with an additional increase of 7% (or 40 billion cubic meters) expected in 2026 — the highest annual growth since 2019.