Front Month TTF Drifts Lower

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 12^th 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.