TTF Edges Higher Amid Bearish Trend

Front month TTF is edging higher today but remains in a bearish trend down at the lowest since September amid healthy supplies, storage holding above normal and with warm weather expected to keep demand low.

• TTF JAN 24 up 0.9% at 35.01€/MWh
• TTF Q1 24 up 0.6% at 35.25€/MWh
• TTF SUM 24 up 0.8% at 35.14€/MWh
• TTF WIN 24 up 0.6% at 39.85€/MWh
• Above normal temperatures are still forecast for NW and central Europe throughout December.
• European natural gas storage was down to 90.43% full on Dec 11 according to GIE data compared to the seasonal five year average of 80.1% with warm weather driving smaller than normal withdrawals this week.
• European LNG sendout increased to 400mcm/d on Dec 11 after a drop at the weekend but remains below levels seen both last week and this time last year.
• Pipeline supplies into Europe from Norway are today up to 353.1mcm/d and just below the high of the year of 359mcm/d seen in late November.

• 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 at 297k.