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European Gas Continues Up Trend From March 20 Low

NATURAL GAS

TTF front month prices have received support from colder weather across parts of Europe, despite the official finish of the heating season towards the end of this week.

  • The May contract closed at €42.75/MWh on March 28, after rising over the week from a low of €39.2/MWh on March 20.
  • Europe is set to finish the heating season with inventories well above 50% full, taking some of the pressure off refilling ahead of next year.
  • Asian demand for LNG remains weak at present allowing flows to head to Europe – French LNG cargoes are still being diverted to other European ports because of strikes.
  • TTF MAY 23 up 0.9% at €43.95/MWh

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