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TTF Drifts Lower with Normal Temperatures in NW Europe Next Week

NATURAL GAS

TTF falls back as price volatility is driven by the higher heating demand this week before weather returns to normal next week. High storage levels and steady imports have pushed prices lower, but LNG supply risks are providing support with the potential that higher demand in Asia could draw supplies away from Europe.

    • US Natgas FEB 23 down -3.6% at 3.16$/mmbtu
  • European storage levels continue to slowly decline down to 80.09% with Germany at 88.7%, Italy at 77.76%, Netherlands at 74.35% and France at 76.64%.
  • Net LNG import flows to NW Europe have increased from 212mcm/d on 14 Jan to 292mcm/d on 17 Jan with the cold weather this week. Forecasts show the cold is expected to be short lived as temperatures are expected to return to near normal around 25 Jan.
  • Norwegian supplies are today unchanged at 318.8mcm/d with output slightly curtailed due to planned outages this month.
  • Gas transit flows via Ukraine are again below start of the year levels at just 24.4mcm/d compared to around 42.4mcm/d potentially driven by the lower spot prices.
Energy BulletsCommodities
Energy BulletsCommodities

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