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Front Month TTF Reverses Some Recent Losses

NATURAL GAS

Front month TTF is higher Wednesday, reversing some of its latest sell-off driven by healthy near-term supplies and high storage offsetting higher demand and rising Middle East tensions.

  • TTF FEB 24 up 1.4% at 31€/MWh
  • TTF SUM 24 up 2% at 31.12€/MWh
  • TTF WIN 24 up 1.2% at 35.9€/MWh
  • European gas storage was 86% full on Jan. 1 vs the 5-yr seasonal norm of 74% for this time of year according to GIE figures.
  • Temperatures in NW and central Europe are expected to fall below normal from around Jan 6 and remain cold into the middle of the month.
  • LNG flows to Northwest Europe on Jan. 1 were 166.69 mcm/d, 32% lower than the 30-day average.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 352.50 mcm/d vs the 5-day moving avg 352.76 mcm/d according to Gassco.
  • US LNG exports are currently more profitable to Asia in February, March and April. The gas price spread between Asia and Europe is $0.82/MMBtu in February.

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