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TTF Declines Extend

NATURAL GAS

TTF extends the recent decline with front month trading well below 100€/MWh mid-week to its lowest level since June. It marks the fifth day of declines with forecasts remaining mild against solid inventory levels and LNG supply for the region.

  • TTF JAN 23 down -5.8% at 92.09€/MWh
  • A strong backdrop of LNG supply is destined for Northwest Europe, with Germany set to make use of its newly opened LNG import terminals – its key to surviving the winter without piped Russian flows.
  • Currently, US exporters will find it equally profitable to sell to both Asia and Europe in February, while they’re more lucrative to Europe in March, according to BloombergNEF.
  • Eyes are on developments at the shutdown at Shell’s Prelude facility in Australia to see if it drives an Asian premium. The fire appears to be minor at this stage and production has been suspended while an investigation is underway.
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