FX.co ★ TTF Prices Rise to Near 2-Week High

European natural gas futures surged past €33 per megawatt-hour, approaching a peak last seen two weeks ago, amidst escalating geopolitical tensions. This rise follows Israel’s aggressive move against Hamas leaders in Qatar—an action that heightens concerns due to Qatar's critical role as a supplier to European markets. As winter approaches, fears loom over potential disruptions in gas supplies. Concurrently, Russia intensified drone attacks on Ukraine, with certain drones infiltrating Polish airspace—a NATO ally—leading Polish and NATO forces to respond defensively to what they described as an "unprecedented violation." In response, the European Union is deliberating over new sanctions directed at Russian banks and energy companies to exert pressure on Moscow. Despite these geopolitical risks, Europe finds some solace in its natural gas reserves, which stand at 79.6% capacity, nearing the November target of 80%. Further support is expected as maintenance activities on Norway's continental shelf conclude, promising greater supply flexibility in the upcoming weeks.