TTF Declines With Filling Storage and Warm Weather

TTF falls further on the back to EU efforts to reduce consumption and increase supplies to prevent supply shortages during the upcoming winter months.

• TTF NOV 22 down -5.2% at 161€/MWh
• The EU measures to combat surging energy prices include demand reduction obligations, a revenue cap on inframarginal electricity producers and a contribution from excess energy profits. Discussions regarding a possible new gas benchmark and a price cap on gas prices are ongoing.
• Pipeline supplies are steady today with Norway nominated at 320.9mcm/d and transit via Ukraine at 41.3mcm/d.
• Weather forecasts suggest above normal temperatures are expected for most of NW Europe until the middle of the month.
• European storage is now up to 89.32% full with Germany at 92.08%, Italy at 91.15%, France at 97.39%, and Netherlands at 92.05%.