Gas prices hit 7-month low – ING

European natural gas prices haven’t escaped the broader risk-off move, ING's commodity experts Ewa Manthey and Warren Patterson note.

Tariffs cloud global LNG outlook

"Title Transfer Facility (TTF) is down almost 13% so far this month, trading at its lowest level since September. While investment funds reduced their net long in TTF by a sizeable amount between February and March, there’s still room for further fund liquidation."

"Yet while funds have been exiting the market, fundamentals are still supportive. The EU, for example, faces the tough task of hitting its 90% storage target ahead of next winter. Clearly, tariffs provide some downside risk not just to European gas demand, but also to Asian LNG demand. This risk is fairly difficult to quantify at the moment."