Rystad Energy's winter LNG outlook says Europe is entering winter with its lowest gas inventory of the 2020s, while Asian spot LNG trades above $30 per million British thermal units. The TTF front-month was quoted near €90.86/MWh and JKM near $29.60/MMBtu on 15 November 2026, below TTF's late-October peak above €100/MWh.
Thin European storage leaves gas prices exposed to cold weather and supply shocks, raising energy and fertilizer costs for feed producers and supporting the wider energy complex that feeds into biofuel and grain-drying costs.
After 155 past bullish macro events, Natural Gas moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.