European natural gas prices traded in a volatile manner yesterday, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

Resumption in Russian pipeline gas is possible under a peace deal

"Ultimately, prices closed lower with TTF settling 4.5% lower on the day. Positioning data shows that investment funds reduced their position in TTF by 56.5TWh to a net long of 174.8TWh, the smallest since July. It hardly helped that the European Commission delayed the release of a plan to phase out Russian fossil fuels."

"Some read this as a sign that a partial resumption in Russian pipeline gas is possible under a peace deal. In addition, the EU will allow some flexibility in storage targets, although member states should still aim to have storage 90% full by 1 November."