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Mild Weather Continues to Weigh on TTF Prices

NATURAL GAS

TTF front month is holding steady near the lowest since mid July seen this week as mild weather continues to drive muted demand and help keep storage at seasonal highs.

    • TTF MAR 24 up 0% at 24.87€/MWh
    • TTF SUM 24 up 0.3% at 25.6€/MWh
    • TTF WIN 24 up 0.1% at 29.32€/MWh
  • The European weather forecast remains above normal for the coming week but the current forecast suggests a slight cooling trend towards normal at the end of the month.
  • Net European gas storage withdrawals remain below normal to maintain overall stores up at the previous five year range highs at 66.22% full on Feb 13 according to GIE data compared to the seasonal five year average of 50.76%.
  • Norwegian pipeline supplies to Europe are relatively unchanged at 343.7mcm/d today but are expected to dip at the weekend with a planned outage reducing Karsto capacity by 12.1mcmn/d from Feb 17.
  • European LNG sendout was up again slightly to 352mcm/d on Feb 13 compared to an average of 336mcm/d so far in Feb.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today at 49.2m/d.
  • ICE TTF daily aggregate traded futures volume was at 301k yesterday.

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