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TTF Edges Up from Lowest Since July

NATURAL GAS

TTF front month has edged up from the lowest since July of 25.625€/MWh yesterday with mild weather extending throughout Feb and gas storage on target to end the heating season above normal.

    • TTF MAR 24 up 1.4% at 26.1€/MWh
    • TTF SUM 24 up 0.6% at 26.65€/MWh
    • TTF WIN 24 up 0.1% at 30.53€/MWh
    • TTF SUM 25 up 0.3% at 28.23€/MWh
  • Temperatures in Europe are forecast to remain mild until the end of the month although NW and central Europe could see a dip slightly closer to normal temperatures in the second week of the outlook.
  • European natural gas storage levels are at the previous five year range highs at 67.10% full on Feb 11 according to GIE data compared to the seasonal five year average of 51.8% amid low withdrawal rates.
  • Norwegian pipeline supplies to Europe are nominated at 345.6mcm/d compared to an average of 348mcm/d seen in January..
  • European LNG sendout was back down at 296mcm/d on Feb 11 compared to an average of 329mcm/d so far in Feb and around 430mcm/d this time last year.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today at 42.5mcm/d.
  • ICE TTF daily aggregate traded futures volume was at 295k yesterday.

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