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Near term EU Gas Supported by Colder Weather and High Price Cap Proposal

NATURAL GAS

TTF front month has pulled back from earlier highs but remains up on the day as the market considers the impact of colder weather forecasts for the start of December and the proposed European Commission price cap mechanism.

  • The high gas cap level and triggers proposed by the EC have pushed near term TTF prices higher with Sum23 and Win 23 following the move. Moves in future seasons are more muted with the market hope for increased EU import capabilities and higher global production in 2024 and beyond.
    • TTF DEC 22 up 6.3% at 127.12€/MWh
    • TTF SUM 23 up 3.6% at 133.44€/MWh
    • TTF WIN 23 up 3.3% at 131.88€/MWh
    • TTF SUM 24 up 0.6% at 92.35€/MWh
    • TTF WIN 24 up 0.8% at 90€/MWh
Energy BulletsCommodities
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