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Free AccessNear Flat TTF Curve Through Sum24 on Easing Winter Risks
The recent bearish pressure on near term TTF is weighing on Sum24 despite front month gains today driven by shipping risks. Healthy supply and muted demand are easing current winter supply concerns and boosting optimism for end of season storage levels to help bring the Sum24-Sum25 spread down below parity.
- The lack of new LNG supply next year is considered supportive for 2024 but higher end of season storage could ease the pressure on next summer to build back to the EU 90% target by Nov 1 before the start of winter 2024.
- Winter 24 however remains supported with significant new LNG supplies from US and Qatar not expected online until 2025 and beyond.
- The Q1 2024 – Sum 24 spread was down to 0.17€/MWh yesterday with a relatively flat price curve until the end of the summer.
- The Q1 2024 – Q1 2025 spread is down to a low of nearly -5.5€/MWh while the Sum24-Sum25 spread has fallen from 11.3€/MWh in October to a low of -0.32€/MWh.
- TTF JAN 24 up 3.2% at 35.81€/MWh
- TTF Q1 24 up 2.8% at 36.02€/MWh
- TTF SUM 24 up 2.7% at 35.8€/MWh
- TTF WIN 24 up 2.5% at 40.6€/MWh
Source: Bloomberg
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