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EU Gas Steady With Warm Weather Forecast and Stable Supplies

NATURAL GAS

Front month European TTF gas has opened unchanged after ticking back up to 160€/MWh yesterday.

    • TTF NOV 22 down -0.1% at 160.09€/MWh
  • EU members continue to debate more measures to ease the European energy crisis. Proposals include joint gas purchases, further reductions in demand and a new temporary LNG linked index as an alternative to TTF. The legislative proposals are set to be presented on Oct 18 ahead of the EU summit on Oct 20 -21. Germany, the Netherlands, Austria and Norway are yet to be convinced on the merits of a gas price cap.
  • European demand is currently helped by above normal temperatures forecast for NW Europe for most of the month.
  • Flows today are stable with strong LNG, Norwegian nominations at 323.3mcm/d and gas transit via Ukraine at 42.4mcm/d.
  • European storage is still filling and now at 91.56% and above the five-year average level at 88%.

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