TTF Eases Back as Wait For Cold Weather Continues
TTF easing back from gains made yesterday. European gas prices ticked higher yesterday on signs of slightly cooler temperatures and uncertainty over EU proposals to ease market volatility. The latest weather forecast maintains temperatures above normal in NW Europe but is still showing a chance of cooler weather from the middle of the month.
- TTF DEC 22 down -3.5% at 114€/MWh
- Norwegian supplies are expected to remain curtailed due to planned and unplanned outages at Oseberg. Norwegian supplies are today nominated at 312.3mcm/d down from a peak of just over 320mcmd/ last week.
- LNG supplies to Europe were over 400mcm/d at that start of the week and gas transit via Ukraine is stable at 42.4mcm/d.
- European storage is up at 95.35% as at Nov 7 according to the latest GIE data.