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TTF Drifts Lower as LNG Flows Help Fill Storage

NATURAL GAS

European gas continues to drift lower as storage stocks rise and EU reduce consumption before the winter heating season. EC yesterday warned against complacency despite the series of measures they have introduced to ensure winter supply security.

    • TTF OCT 22 down -2.4% at 183€/MWh
  • The main risks to winter come from cold weather, further cuts to Russian supplies and unexpected supply disruptions.
  • Supply from Russian through Ukraine is at 42.4mcm/d today while Norwegian supply is still curtailed at 271.3mcm/d due to ongoing maintenance. Flows from Kvitebjorn are expected back today after an unplanned outage due to a compressor failure and maintenance at major facilities is expected to end next week.
  • LNG supplies to NW Europe are back above 200mcm/d this week and helping to fill storage. European storage is up to 86.67% full with Germany at 90.53%, Italy at 88.5%, France at 95.9%, and Netherlands at 87.89%.

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