Gastech 2025 presentation: Mapping the storage-speculation nexus

In today's episode, I run through the paper I presented at the recent Gastech 2025 conference in Milan.

The title of the paper is Mapping the Storage-Speculation Nexus: Hedge fund positioning and the TTF forward curve.

The paper explores a novel methodology for identifying investment fund trading strategies on Dutch TTF, the benchmark European natural gas futures price.

In the video I explain the methodology in full, and what it tells us about last year's TTF bull run and subsequent dramatic correction at the start of this year.

I conclude by floating possible policy reforms that could be explored to improve transparency and potentially mitigate some of the speculation-driven price volatility that has characterised TTF in recent times.

This was my first appearance on the podium and I must admit I was quite nervous beforehand, but thorough preparation paid off and the session went well (despite a minor technical glitch at the start).

It was a real honour to appear on stage with other esteemed analysts, whose presentations were also fascinating. There was a pretty decent turnout and the audience was highly engaged, as evidenced in the Q&A.

Links to the video pod are below, alongside the full slide deck in PDF format for download.