May was a record month for trading Dutch Title Transfer Facility (TTF) futures and options on the Intercontinental Exchange as the European natural gas market remains unpredictable and participants continue to try to manage price risk exposure. 

ICE said 5.7 million TTF futures and options traded during May. Liquidity in the European benchmark has grown this year, the bourse said, with open interest up 37% year/year at 2.6 million contracts, or the highest level since January 2022. 

The exchange also said it’s “seeing record market participation” in TTF with hedging out to December 2031. 

Overall, 25 million TTF contracts have traded on ICE this year, up 17% year/year. TTF options volume is up 179% year/year. Open interest, or the...