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NATGAS: TTF Drifts Down from Peak

NATGAS
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TTF has pulled back from a peak of $55.455/MWh yesterday as the market weighs the risk to gas storage from a drop in temperatures in NW Europe in the coming days against a recovery in Norwegian pipeline supplies and healthy LNG imports.

  • Temperatures in NW Europe are forecast to fall towards mid February but could be followed by a recovery back towards normal.
  • Norwegian pipeline supplies to Europe have risen to the highest since Jan. 21 at 335.8mcm/d as capacity returns from outages, according to Bloomberg.
  • European net gas storage withdrawals are still above normal after rising on Feb. 3. Storage has fallen to 50.63% full on Feb. 5, according to GIE, compared to the previous five year average of 58.6%.
  • European LNG sendout remains strong with NW flows at 260mcm/d on Jan. 5 compared to the high this winter of 274.7mcm/d.
  • Algeria gas flows to Italy at Mazara are steady at 59.1mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 441k on Feb. 6.
    • TTF MAR 25 down 1.1% at 53.88€/MWh
    • TTF SUM 25 down 1.3% at 53.16€/MWh
    • TTF WIN 25 down 0.8% at 48.61€/MWh
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TTF has pulled back from a peak of $55.455/MWh yesterday as the market weighs the risk to gas storage from a drop in temperatures in NW Europe in the coming days against a recovery in Norwegian pipeline supplies and healthy LNG imports.

  • Temperatures in NW Europe are forecast to fall towards mid February but could be followed by a recovery back towards normal.
  • Norwegian pipeline supplies to Europe have risen to the highest since Jan. 21 at 335.8mcm/d as capacity returns from outages, according to Bloomberg.
  • European net gas storage withdrawals are still above normal after rising on Feb. 3. Storage has fallen to 50.63% full on Feb. 5, according to GIE, compared to the previous five year average of 58.6%.
  • European LNG sendout remains strong with NW flows at 260mcm/d on Jan. 5 compared to the high this winter of 274.7mcm/d.
  • Algeria gas flows to Italy at Mazara are steady at 59.1mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 441k on Feb. 6.
    • TTF MAR 25 down 1.1% at 53.88€/MWh
    • TTF SUM 25 down 1.3% at 53.16€/MWh
    • TTF WIN 25 down 0.8% at 48.61€/MWh