TTF Eases Down With Low Volatility from Healthy Supplies

TTF volatility falling as front month pulls back but still above the lows of the week of 40.75€/MWh with healthy supplies, high storage and demand expected to be limited with warm weather and stronger wind generation forecast for next week.

• The upside risk of future competition from Asia for LNG supplies remains muted with high storage keeping demand low in Japan and South Korea.
• JKM-TTF spreads have shifted up slightly towards parity although spreads still favour supplies to Europe over Asia.
• TTF prices have been bouncing within a range between about 39€/MWh and 53€/MWH since late February resulting in a gradual decline in historic 60 day volatility to the lowest since October 2021.
  • TTF MAY 23 down -1.8% at 42.13€/MWh
  • NBP MAY 23 down -0.7% at 100.1p/th
  • JKM May 23 up 0% at 12.63$/mmbtu
  • JKM-TTF May 23 up 0.3$/mmbtu at -0.95$/mmbtu
  • US Natgas MAY 23 up 0% at 2.09$/mmbtu