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TTF Continues Pull Back from June 13 High

NATGAS

TTF is drifting down from a peak of €36.885/MWh on June 13 with muted demand and healthy storage levels set against ongoing supply risks.

  • Temperatures across Europe are forecast to hold above normal in the coming week although the latest outlook suggest temperatures could drift back towards normal early next week.
  • Norwegian pipeline supplies to Europe are nominated lower on the day to 321.8mcm/d, limited by capacity reductions at Visund, Karsto, Troll and Skarv.
  • European LNG sendout was holding in line with the average seen so far this month at 234mcm/d on June 16 according to Bloomberg but low compared to levels of around 395mcm/d this time last year.
  • Total European gas storage was up to 73.41% full on June 16 according to GIE compared to the five year seasonal average of 63.0% with net injection rates increasing back to near normal in recent days.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 62.85mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 210k on June 17.
    • TTF JUL 24 down 0.2% at 34.13€/MWh
    • TTF Q3 24 down 0.2% at 34.64€/MWh
    • TTF WIN 24 down 0.2% at 38.36€/MWh
    • TTF SUM 25 down 0.1% at 35.5€/MWh
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