Despite some recovery in Qatari LNG flows, Rabobank expects TTF prices around €51-52/MWh for Q3–Q4 2026, with winter scenarios ranging from normalization to escalation. Their base case sees a gradual easing only once global LNG moves into oversupply next year. Winter TTF and JKM gas prices will have to reflect this reality." We view the price path for TTF and JKM gas at €51-52/MWh and $17-18/MMBtu for the rest of Q3 and Q4." In that scenario gas prices are more likely to trade in the ~€60/MWh range and $21/MMBtu in the winter, respectively."