Free Trial

TTF Edges Lower Again After Small Recovery Yesterday

NATURAL GAS

TTF is edging lower after gains yesterday with front month trading near to the low levels seen in June 2023 amid mild temperatures and healthy supplies.

    • TTF MAR 24 down -0.9% at 23.8€/MWh
    • TTF SUM 24 down -0.7% at 24.3€/MWh
    • TTF WIN 24 down -0.6% at 28.52€/MWh
  • Mild temperatures are forecast to continue in central and eastern Europe while NW Europe holds just above normal throughout the two week outlook.
  • European gas storage remains above the previous five year range at 63.86% full on Feb 25 according to GIE data compared to the seasonal five year average of 47.0% as withdrawal rates fall back below normal after near normal rates late last week.
  • Norwegian pipeline supplies to Europe are again relatively unchanged with nominations at 343.2mcm/d today.
  • European LNG sendout was up slightly to 365mcm/d on Feb 25 according to Bloomberg. The net import flows are above the average seen to date in February but well below the Feb 2023 average of about 440mcm/d.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today at 40.5m/d.
  • ICE TTF daily aggregate traded futures volume was at 270k yesterday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.