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Cold Weather and Kollsnes Outage adding to TTF Upside Pressure

NATURAL GAS

A colder weather forecast continues to drive European gas prices higher with short term outages to Norwegian supply adding to the upside pressure.

    • TTF JAN 23 up 6.2% at 155.5€/MWh
    • TTF SUM 23 up 4.3% at 151€/MWh
  • Below normal temperatures are expected in NW Europe throughout the two week outlook increasing heating demand. The warm start to the winter had eased pressure on supplies but the colder December will increase reliance on Norwegian imports, LNG supplies and storage withdrawals to cover the increasing demand.
  • Norwegian imports are currently nominated at 323mcm/d but an outage of 14mcm/d at Kollsnes may restrict supplies. Russian gas supplies via Ukraine are again stable at 42.4mcm/d.
  • Net LNG imports flows to Europe were up at 494mcm/d on Nov 28 and averaged 450mcm/d over the previous week.
  • European gas in storage is at 93.19% according to GIE data from Nov 29 showing Germany at 98.24%, Italy at 92, France at 97.44% and Netherlands at 88.99%.
Energy BulletsCommodities
Energy BulletsCommodities

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