ICE Endex
European energy derivatives exchange listing TTF Gas futures; part of ICE group, Amsterdam-based.
TTF Gas futures on ICE Endex held a €43 to €47/MWh band through the first week of May 2026, settling at €44.84/MWh on 7 May as a US Hormuz operation launched and paused and Iran announced a transit-permit system.
Last refreshed: 28 September 2026 · Appears in 2 active topics
What does the TTF price on ICE Endex tell us about Europe's winter gas risk?
Timeline for ICE Endex
Aramco cuts Europe off for October
Iran Conflict 2026Mentioned in: TTF holds €43-47 through Hormuz week
European Energy MarketsProvided TTF and European power contract settlement data
European Energy Markets: TTF settles €46.44 inside tight weekly rangePublished TTF settlement at EUR 46.44/MWh on 4 May
European Energy Markets: Storage at 33.06% trails 80% November floorMentioned in: TTF trades €41.67 intraday, extending six-week low
European Energy MarketsBackground
ICE Endex is the Amsterdam-based energy exchange that lists the TTF natural gas futures contract, the benchmark for wholesale gas across continental Europe. Its front-month settlement is the reference price for utility procurement desks and industrial hedge books across the region.
The exchange belongs to Intercontinental Exchange, the US exchange group, which took control of the Dutch Endex energy derivatives business and brought it under the ICE Endex name. Besides TTF futures it lists TTF options and Dutch power contracts. As a Dutch-regulated market it answers to the Netherlands Authority for the Financial Markets, and trading in its contracts falls under the EU's REMIT market-Integrity regime, whose recast rules took legal force on 29 April 2026.
TTF settlements feed storage valuations, supply contracts and LNG cargo pricing. The daily price formed on ICE Endex is therefore a direct input to European energy policy as well as to commercial hedging, and its moves are read as the market's verdict on Europe's gas security.
Its TTF contract held a narrow band
TTF front-month on ICE Endex settled at €46.44/MWh on 4 May, closing a week traded inside €43.4 to €47.4/MWh. The band then held through the launch of US Operation Project Freedom on 4 May, its pause on 6 May and Iran's announcement of a Hormuz permit system on 7 May, when the contract settled at €44.84/MWh.
For the exchange, the pattern mattered more than any single print. Three escalations produced no re-pricing, a sign that traders had already priced a closed strait as the normal state. On that reading, a confirmed reopening would register as a fall for sellers rather than relief for buyers. The contract had touched €41.67/MWh intraday on 17 April, a six-week low driven by hopes that a Ceasefire would hold.
Reference
Where do TTF prices come from?
Is ICE Endex subject to REMIT market abuse rules?
What are the specifications of the ICE Endex TTF gas futures contract?
How does ICE Endex differ from AGSI+ or ENTSOG data?
Who regulates ICE Endex?
What is ICE Endex?
Why is TTF the European gas price benchmark?
What is ICE Endex and how does it set European gas prices?
