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Gas Summary at European Close: TTF Rises

NATURAL GAS

TTF regained ground during European afternoon trading gains as forecasts for cold weather in Europe and escalating Middle East tensions support the gas market.

  • TTF FEB 24 up 1.7% at 33.35€/MWh
  • The US and its allies have warned the Houthis that there will be consequences if they don’t stop attacking ships in the Red Sea. There have been 25 attacks against merchant vessels so far.
  • Temperatures in NW and central Europe are forecast to drop in the coming days to fall below normal from around Jan 6.
  • German natural gas consumption declined by 18.6% on the week and stood 25.3% below the 2018-2021 average, Bnetza data showed.
  • European natural gas storage is still above normal at 86.07% full on Jan 2 according to GIE data.
  • Norwegian pipeline supplies to Europe are nominated slightly down today at 345.3mcm/d.
  • Germany is investigating possible sabotage at the 55-kilometer LNG pipeline running from Brunsbüttel to Hetlingen in northern Germany, after several drilled holes were found, the state criminal investigation bureau said, cited by NDR.
  • LNG futures traded volumes on the financial exchanges in Q4 hit a new record, according to Platts, citing exchange and broker data.
  • Rising geopolitical risks and the likely end of the Russia gas transit deal via Ukraine will add obstacles to the European natural gas market in 2024 and 2025 despite progress in countering the energy crisis in 2023 according to Energy Intelligence.
Energy BulletsCommodities
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