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NATGAS
Front month TTF has pulled back from a high of $40.325/MWh earlier today but remains set for a net gain on the week. TTF has seen extra support today from a two-day extension to the Nyhamna and Kollsnes maintenance from Sep 4 - 8.
- Nyhamna and Kollsnes are reduced due to corrective maintenance at Draupner, involving repairing part of a support system, and reducing the platform’s usual flexibility causing gas routing restrictions at the Sleipner Riser.
- TTF is reacting to any extensions to maintenance or delayed return of Norwegian assets although the risk of an early halt to Ukraine transit gas has eased.
- The market remains sensitive to the risks of supply disruption and serious cold spells this winter despite near full gas storage.
- ICE Endex TTF aggregate open interest is holding just below a record high of 2.025m last week from Aug 23 while fund net long positioning remains strong.
- Second month TTF implied volatility has fallen to the lowest since late July at 54.68% today after reaching a high of 66.6% earlier this month.
- Technicals show TTF Oct24 resistance at the intraday high followed by the Aug 13/19 high of €42.1/MWh.
- TTF OCT 24 up 1.2% at 39.34€/MWh
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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