Free Trial

Time Spreads Edge Wider as Front Month Falls


The TTF forward curve is showing a slightly more muted reaction than the front month to the bearish near term fundamentals as time spreads tick wider again at the end of the week.

  • TTF is trading lower today with strong supplies, high storage levels and the return to above normal temperatures next week in NW Europe outweighing LNG supply risks and this weekend’s cold spell.
  • Front month has swung between a low of 44.57€/MWh and high of 49.185€/MWh with no clear direction this week. The 30 day historic volatility has dipped slightly in early November back to around 96%.
  • The TTF Q1 2024 premium over the Dec23 contract has widened again to -1.9€/MWh after closing earlier this week to -1.6€/MWh.
  • The Q1 2024 -Q1 2025 spread is today at -2.2€/MWh while the Sum24-Win24 spread is around -3.6€/MWh.
    • TTF DEC 23 down -4.4% at 46€/MWh
    • TTF Q1 24 down -3.8% at 47.89€/MWh
    • TTF SUM 24 down -3.8% at 46.35€/MWh
    • TTF WIN 24 down -2.9% at 49.98€/MWh

To read the full story



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.