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TTF Edges Down Following Gains This Week


TTF has opened lower after yesterday extending gains to the highest since Monday with support from below normal temperatures next week, slightly higher storage withdrawals and after EU set targets for gas storage levels for 2024.

    • TTF DEC 23 down -1.7% at 46.03€/MWh
    • TTF Q1 24 down -1.6% at 47€/MWh
    • TTF SUM 24 down -1.5% at 45.76€/MWh
    • TTF WIN 24 down -1.2% at 49.25€/MWh
  • The European weather forecast is relatively unchanged with temperatures in NW and central Europe dipping below normal this weekend where they are expected to remain into the first week of December.
  • European LNG sendout was down at 374mcm/d on Nov 22 compared to flows of approximately 450mcm/d seen this time last year.
  • Norwegian pipeline supplies to Europe are down to 342.5mcm/d today from the recent highs due to an unplanned outage at Aasta Hansteen due to process problems expected until tomorrow.
  • European natural gas storage is down to 98.4% full on Nov 22 according to GIE data after near normal withdrawals but still well above the seasonal five year average of 87.4%.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 58.1mcm/d.
  • ICE TTF daily aggregate traded futures volumes were yesterday up at 332k.

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