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Cold Weather in NW Europe Drives TTF Higher

NATURAL GAS

European gas markets jump higher as cold weather forecasts for north west and central Europe drive expectation of higher demand. North west Europe is expected to see temperatures falling over the coming week and to remain below normal throughout the whole two week outlook.

    • TTF JAN 23 up 6% at 143.75€/MWh
    • TTF SUM 23 up 4.9% at 144.56€/MWh
  • Norwegian and LNG supplies into Europe remain strong with Norway today nominated at 336.9mcm/d and net LNG flows of nearly 500mcm/d last week. Gas transit through Ukraine is also stable at 42.4mcm/d.
  • The higher demand and LNG imported have resulted in a reduction of floating LNG at sea with the number of vessels waiting off Europe falling from over 40 in October down to 31.
  • The colder weather has increased the rate of withdrawals from gas storage with stocks now down to 91.56%.
Energy BulletsCommodities
Energy BulletsCommodities

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