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TTF Eases Back With Stable Supply Despite Risks

NATURAL GAS

TTF is trading back negative on the day with supply fundamentals relatively unchanged despite the risks to Russian and LNG flows which have led the recent rally. High storage levels are limiting upside market moves with stocks still on track to reach the EU 90% full target in August after recent strong injections.

  • TTF volatility remains high but has eased back from the levels seen in June and early July as price swings reduce. The 30 day historical volatility has fallen from 146% on 10 July back to 101% today.
  • Trading volumes have also reduced with the average daily aggregate ICE TTF volumes falling from 287k in June back to 232k so far in July.
    • TTF AUG 23 down -2.3% at 31.91€/MWh
    • TTF WIN 23 down -0.4% at 50.8€/MWh
    • TTF SUM 24 down -0.1% at 52.9€/MWh
    • TTF WIN 24 down -0.3% at 55.97€/MWh

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