Natural gas prices rise as TTF benchmark hits highest levels since January 2023

European natural gas benchmark prices at the Title Transfer Facility (TTF) have reached their highest levels since January 2023. After breaking a resistance level of 70.00 €/MWh on August 31, prices rose to approximately 72.22 €/MWh on September 1 and exceeded 73 €/MWh on September 2.

This upward trend in TTF prices, which serves as a primary reference for European gas trading, is expected to increase pressure on energy tariffs in Turkey. As a net importer that consumes between 55 and 60 billion cubic meters of natural gas annually, Turkey relies heavily on imports via pipelines and liquefied natural gas (LNG). The TTF benchmark accounts for approximately 48.56% of the natural gas Turkey imports.

Market analysts note that geopolitical risks, including tensions between the US and Iran, are contributing to price volatility. Consequently, attention is turning toward BOTAŞ and its upcoming decisions regarding natural gas tariffs for the winter season, following the last price adjustment in April.