TTF Eases Lower Amid Mild End of Winter Weather

TTF front month is easing back from a high of 29.745€/MWh earlier this week with support from below normal Norwegian and LNG supplies while end of winter temperatures generally remain above normal.

• TTF APR 24 down 1.6% at 28.4€/MWh
• TTF SUM 24 down 1.9% at 28.45€/MWh
• TTF WIN 24 down 1.4% at 31.97€/MWh
• TTF SUM 25 down 1% at 30.15€/MWh
• Above normal temperatures are expected to persist across Europe in the coming two weeks although are expected to briefly dip back to near normal for a few days from this weekend.
• European gas storage was up at 59.53% full on Mar. 18 according to GIE with net withdrawal rates rising back to near normal. The seasonal five year average is 42.0%.
• Norwegian pipeline supplies to Europe are today nominated back up to 331.7mcm/d but still curtailed due to small outages at Aasta Hansteen and Oseberg this week.
• European LNG sendout increased slightly to 317mcm/d on Mar. 18 but still below the average of 344mcm/d so far in March.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at the highest since October at 67.6m/d.
• ICE TTF daily aggregate traded futures volume remained high at 402k yesterday.