Gas prices present a serious challenge for filling storage ahead of next winter
Gunvor warns of ‘broken’ gas market
The European TTF benchmark is creaking under the strain of exceptional circumstances
“I never thought that somebody could say, ‘gas has fallen below €100/MWh [$110/MWh], that is really cheap,’” Torbjorn Tornqvist, CEO of Swiss-headquartered commodity trader Gunvor, told the Financial Times Commodities Global Summit on Tuesday. And he takes that as evidence that the global traded gas market is “broken”. “The problem is a dysfunctional TTF price,” Tornqvist continues. “If you want to put a hedge on TTF now at a price of €96/MWh, the initial margin is €80—that tells you, you just cannot do that. If you are buying it, it is probably OK. But if you are selling it, the upside is actually higher than the value of the contract.” TTF is “just too small a benchmark”, the Gunvor chief
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
