TTF Down on Warm Weather as EU Discuss Energy Crisis Plans

TTF continues to fall on EU measures to ease the European energy crisis and warm weather forecasts bringing front month down to the lowest since mid June.

• TTF NOV 22 down -4.7% at 122€/MWh
• The legislative proposals for new EU measures to ease energy market volatility are due to be set out later today. The EU is discussing joint gas purchases and further demand reduction measures as well as the potential for a dynamic price limit for transactions on TTF and a new temporary LNG linked index. The proposals will then be discussed further at the EU summit later this week on Oct 20 -21.
• NW Europe is forecast to see temperatures well above normal throughout the two week forecast period at a time when temperatures historically start to fall into the winter heating season. The mild weather is helping the continuation of injections into storage with stocks now up to 92.37% full.
• Norwegian supplies are steady today at 324.8mcm/d while gas supplies through Ukraine are nominated at 42.4mcm/d.