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Ongoing Russian Supply Reduction Supports TTF

NATURAL GAS

European benchmark TTF gas trading higher this morning with ongoing concerns for Russian supply.

  • TTF SEP 22 up 4.2% at 198.9€/MWh
  • TTF WIN 22 up 4.2% at 195.09€/MWh
  • TTF SUM 23 up 2.6% at 145.08€/MWh
  • Over the weekend Gazprom halted supplies to Latvia saying the country had ‘violated to conditions’ of their contract. Customers from Poland, Bulgaria, Finland, Denmark and Netherlands have already been cut off for refusing to pay for Russia gas in rubles. Latvian operator Latvijas Gaze said it would continue buying Russian gas through an intermediary.
  • Russia supply through Nord Stream is again nominated at just 20% of capacity at 31.8mcm/d while flows through Ukraine are 41.7mcm/d.
  • Norwegian supply remains steady at 333.2mcm/d and strong LNG imports are helping maintain storage injections. Storage is up to 68.89% full with Germany at 68.55%, Italy at 72.56%, France at 78.76% and Netherlands at 65.37%.

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