Near Term TTF Higher but the Curve Drifts Lower

TTF front month prices are ticking higher with concern over energy infrastructure security and the remaining gas supplies from Russia.

• TTF NOV 22 up 1.7% at 159.5€/MWh
• TTF SUM 23 down -3.9% at 162.25€/MWh
• TTF WIN 23 down -2.5% at 161.2€/MWh
• TTF SUM 24 down -0.5% at 112.25€/MWh
• TTF WIN 24 down -0.9% at 110.1€/MWh
• The front of the TTF curve is higher but future periods are down on the day. Longer term periods have found support in recent weeks with concerns for enough European supplies beyond the current winter.
• Gazprom CEO earlier today said Europe could still struggle to meet demand during peak demand periods despite restocked storage.
• Russian Deputy Prime Minister Novak suggested that Russia could construct additional TurkStream supplies to redirect gas volumes that previous flowed through Nord Stream toward the Black Sea instead.