TTF Easing Back From Daily Highs but Supported by Cold Weather

TTF easing back from the highs of the day but still supported by a cold weather forecast for next week amid LNG supply concerns and longer term concern for competition for LNG supplies from Asia.

• Total European LNG sendout was up to 434mcm/d on 21 March with industrial action at French terminals causing cargo diversions within Europe. Strike action at Dunkerque LNG resumed for 23-24 March to join outages at the three Elengy LNG terminals until 28 March.
• A recovery in demand in China remains an upside risk for European LNG supplies as they look to restock storage to 90% before next winter.
• EU are proposing to extend consumption reduction targets beyond March. German households and businesses will need to cut gas use to avoid an energy crunch next winter according to head of German regulator Klaus Müller earlier today.
  • TTF APR 23 up 7.5% at 42.96€/MWh
  • TTF SUM 23 up 6.5% at 43.8€/MWh
  • TTF WIN 23 up 5.3% at 51.75€/MWh
  • TTF SUM 24 up 4.7% at 49.6€/MWh
  • TTF WIN 24 up 3.9% at 51.38€/MWh