GasRadar Daily Briefing — Friday, May 8, 2026

Market Overview

TTF prices edged lower to EUR 43.56/MWh (-0.78%), continuing the week’s bearish trend after Monday’s sharp drop. Prices remain range-bound (EUR 43.56–48.14/MWh over 7 days), reflecting muted summer demand and geopolitical noise. The day’s volatility (EUR 42.53–49.01 range**) was driven by conflicting headlines on U.S.-Iran tensions (bullish) versus record LNG inflows (bearish).

Storage Update

EU storage remains stagnant at 29.4%, still 20.1pp below the 5-year average, keeping structural supply risks in play. Key takeaways:
- Germany (-0.6%) and Belgium (-0.3%) saw withdrawals, unusual for May, signaling localized tightness.
- Southern Europe (Spain 65.5%, Italy 51.7%) remains well-supplied, but limited pipeline flexibility caps upside for Northwest Europe.
- Portugal (91.3%) nears full capacity, reducing LNG import optionality.

Weather & Demand

Mild conditions persist across Europe, with no meaningful heating demand (EU-weighted HDD: 2.6). Stockholm (11.8°C) and Munich (12.1°C) are the coldest hubs, but temperatures are seasonally normal. No immediate demand catalysts expected.

Supply & Geopolitics

• Bullish: U.S.-Iran clashes in the Strait of Hormuz lifted oil prices, raising risks of LNG shipping disruptions (though no direct impact yet).
• Bearish: Record EU LNG imports continue to offset pipeline volatility, per Euractiv.
• Neutral: U.S. approvals for Project Jupiter pipeline (New Mexico) add long-term supply but no near-term relief.

Bottom Line

Neutral-bearish bias — Range-bound trading likely unless Hormuz escalates or injections resume; watch German/Belgian storage draws.