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TTF Edges Higher on Cold Weather and Asian Demand Risk

NATURAL GAS

TTF edges higher on the day with cold weather this week and supply risks supporting prices, but upside moves are limited by high storage levels.

  • A recovery in Chinese demand could pull LNG cargoes away from Europe although diversions have so far been limited due to weak Asian demand and high terminal storage levels.
  • Short term output reductions from Norway this month also adds to the price support.
    • TTF FEB 23 up 3.7% at 62.29€/MWh
    • TTF SUM 23 up 2.7% at 63.9€/MWh
    • TTF WIN 23 up 3% at 70.89€/MWh
    • NBP FEB 23 up 4.2% at 157.01p/th
    • JKM-TTF Feb 23 up 1.4$/mmbtu at 3.05$/mmbtu
    • US Natgas FEB 23 down -6.4% at 3.36$/mmbtu

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