August 11, 2022 11:57 GMT
TTF gas prices are gaining strength in today’s session despite signs that the EU looks set to meet storage target goals ahead of winter. EU gas storage is at just over 75% full, with a target of 80% set for each nation by November.
- Low water levels on the Rhine have supported European gas with coal deliveries to inland power stations set to grind to a halt which may force Germany to burn more gas whilst also trying to fill storage.
- TTF SEP 22 up 3.4% at 212.3€/MWh
- US gas prices have also faced upward pressure as LNG demand from both Europe and Asia remains strong and expectations for a lower than anticipated build in US gas storage levels in todays EIA gas report.
- US Natgas SEP 22 up 2.4% at 8.4$/mmbtu