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TTF Edges Higher on Cooler Weather and LNG Supply Risks

NATURAL GAS

TTF has opened slightly higher on the day with cooler temperatures in the second week of the latest weather forecast and with increasing Asian LNG buying interest supported by the lower prices.

    • TTF MAR 23 up 1.6% at 53.25€/MWh
    • TTF SUM 23 up 0.1% at 53.4€/MWh
  • Competition for LNG supplies from Asia remains an upside risk for European imports. Traditional buyers such as Japan and South Korea increased imports in Jan and the more price sensitive South Asian buyers such and Thailand, Bangladesh, India are increasingly looking to secure LNG cargoes for the coming months.
  • Total net LNG supplies to Europe were at 418mcm/d on 12 Feb while Russian gas flows via Ukraine have increased back up to 35.3mcm/d today.
  • Norwegian supply remains unchanged this week with a nomination today of 332.8bcf/d.
  • European storage continues to decline with a near normal withdrawal rate taking the storage to 65.66% full on 13 Feb according to the latest GIE data compared to the five year average of 45.6%. Gas in store in Germany is at 72.47% full, Italy at 65.36%, France at 52.46% and Netherlands at 64.62%.

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