GasRadar Daily Briefing — July 2, 2026

Market Overview

TTF prices retreated to EUR 42.78/MWh (-1.53%), failing to hold gains after Wednesday's rally to EUR 43.44. The market remains range-bound between EUR 40.4–43.44/MWh, reflecting:
- Bearish momentum: Prices have struggled to sustain breaks above EUR 43/MWh despite geopolitical headlines.
- Lack of conviction: Thin trading volumes suggest traders are waiting for clearer catalysts.

Storage Update

EU storage remains critically low at 29.4%, flat for the 17th consecutive week and 36.5pp below the 5-year average. Key takeaways:
- No injection momentum: Zero net change signals weak demand and ample supply.
- Regional disparities: Southern Europe (Spain 74%, Portugal 93%) offsets deficits in core markets (Germany 41.8%, Netherlands 25.7%).
- Bullish structural risk: Storage remains a key upside risk if injections fail to accelerate.

Weather & Demand

Summer lull persists:
- HDD at 0.0 — No heating demand across Europe.
- Temperatures normal: Mild summer conditions (Helsinki 21°C, Amsterdam 22.3°C) suppress gas-for-power demand.

Supply & Geopolitics

Nord Stream charges dominate headlines:
- German prosecutors charged a Ukrainian suspect (Serhii K) over the 2022 Nord Stream blasts, renewing focus on pipeline security risks. Market impact muted so far—no immediate supply threat.
- Oil weakness (3rd day of declines) adds bearish pressure to broader energy complex.

Bottom Line

Neutral-bearish — Range-bound trading persists with weak fundamentals outweighing geopolitical noise; watch for storage injection signals.