// definition
TTF
Title Transfer Facility
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Short definition
The Dutch wholesale natural gas market, Europe's reference gas price, quoted in euros per megawatt-hour. LNG often sets the marginal price there, which makes the TTF highly sensitive to supply disruptions, as during the 2026 Hormuz crisis.
risk atlas
Knowledge map
Intuition
The TTF captures the marginal price of European gas, often set by the LNG available.
Why it matters now
A shock to shipping routes or Asian LNG can reach Europe through the marginal price even without a direct physical cut.
Related analyses
- The Hormuz crisis in AsiaEnergy bill, LNG and Asian exposure.
- Supply chains and HormuzFreight, delays and energy costs passed into goods.
Related guides
- Reading the gas and LNG marketTTF, Henry Hub, JKM and the LNG chain.
- Reading the oil marketPrices, curve, inventories, OPEC and physical data.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- signals/history.jsonPoint-in-time history of the signals.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
Signals using it
- Energy MonitorMethodology of the energy stress signal.
- Risk DiffRecent change in risk and source freshness.
Primary sources
- U.S. Energy Information AdministrationOil, gas, inventories, production and the Short-Term Energy Outlook.
- Commodity Futures Trading CommissionFutures positioning through the Commitments of Traders.
- World Bank Open Data & OECD DataMacro comparables and commodity prices.