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TTF Back Positive on the Day Amid Extended Troll Works

NATURAL GAS

TTF moves back positive on the day with support from the extended outage at Troll by 4 days until 10 July. The exact duration of the work is still uncertain according to Gassco.

  • Tight supply amid Norway maintenance and lower LNG imports has combined with warmer than normal weather forecast in July to drive market volatility. Historic 30 day volatility for front month TTF is still up near the highest since Apr 2022 at around 141%.
  • European gas consumption was 15% lower than the 2017-2021 average in June according to ANZ Bank as Europe looks to sustain demand reduction to avoid further energy shortages over the upcoming heating season.
    • TTF AUG 23 up 1.1% at 35.79€/MWh
    • TTF WIN 23 up 1.6% at 52.05€/MWh
    • TTF SUM 24 up 1.7% at 51.89€/MWh
    • TTF WIN 24 up 1.9% at 54.35€/MWh

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