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TTF Edges Higher on Cold Weather Demand and Supply Risks

NATURAL GAS

European gas continues to find some support today due to the current colder weather and supply risks.

    • TTF FEB 23 up 4.9% at 64.75€/MWh
    • TTF SUM 23 up 3.8% at 65.85€/MWh
  • High storage levels have limited the impact of the higher heating demand this week with stocks still up above the five year average at 80.59%.
  • Below normal temperatures in NW Europe this week are expected to drift back towards normal from around 25 Jan.
  • Gas transit flows via Ukraine have dropped again to just 24.4mcm/d compared to around 42.4mcm/d at the start of the year potentially driven by the lower spot prices.
  • Norwegian supplies are today at 324mcm/d with output slightly curtailed due to planned outages this month.
  • LNG supplies have averaged around 400mcm/d so far this year. 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.
Energy BulletsCommodities
Energy BulletsCommodities

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