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TTF Eases Lower Amid Ongoing Supply Issues

NATURAL GAS

The European gas price rally is taking a breather this morning but is still up about 60€/MWh since last week.

  • TTF SEP 22 down -6% at 302.01€/MWh
  • TTF WIN 22 down -4.6% at 309€/MWh
  • The supply reductions and fear of more from Russia have pushed prices to record levels and is causing disruptions to industrial production and threatening European economies. Supplies through Nord Stream are currently stable at 31.9mcm/d before the expected three day shutdown from Aug 31. Supplies through Ukraine are today nominated at 42.2mcm/d.
  • Lower Norwegian supplies due to maintenance, the delayed return of US Freeport LNG and drought limiting nuclear and hydro power output have all added to the upside pressure on gas prices. Norway flows are today nominated at 309mcm/d with outages expected to continue into September and coincide with the Nord Stream outage.
  • European storage is up to 78.3% full with Germany at 81.28%, Italy at 80.48%, France at 90.34% and Netherlands at 73.72%.

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