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Front Month TTF Drifts Lower

NATURAL GAS

TTF prices continue to drift lower as supply risks have reduced and mild weather has lowered demand. Front month prices have fallen from a peak of 114.7€/MWh on 12th May to 79€/MWh today.

  • Flows through Nord Stream are once again below max at 64.4GWh/h while supply transit through Ukraine is steady at 41.4mcm/d. Ukraine flows continue to come via Sudzha with nothing via Sokhranivka.
  • Norwegian supply has entered a couple of days of maintenance with flows expect to fall by about 47% today. Nominations are for 167mcm/d compared to an average of approximately 320mcm/d over the last week.
  • LNG imports have fallen from the peak levels seen in April but remain at the top of the 5-year range. Spreads have closed with JKM -TTF down to -2$/mmbtu but they should still encourage flows to Europe.
  • European storage levels are now up to 49.9% full.
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