TTF Edges Higher With Cold Weather in Northern Europe

TTF finding support again today with cold weather in northern areas and near normal temperatures forecast throughout NW and central Europe. The month ahead ECMWF forecast suggests temperatures holding just below normal in NW Europe until mid April.

• TTF APR 23 up 2.6% at 44.51€/MWh
• TTF SUM 23 up 2.8% at 45.35€/MWh
• TTF WIN 23 up 2.6% at 52.7€/MWh
• Storage levels are on track to end the heating season well above normal despite the cooler weather with total European storage at the top of the five year range at 58.56% full on 6 March.
• Upside risks come from a potential increase in competition for LNG from Asia this summer and into next winter and with the potential for increased gas demand from fuel switching. Total European LNG net import flows were still high at 487mcm/d on 5 Mar.
• Norwegian supplies are today nominated up to 323.4mcm/d but still below recent levels due to planned field outages this week.
• Gas transit flows through Ukraine are today nominated at 42.4mcm/d and Algeria gas flow to Italy at Mazara at 57mcm/d.