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TTF Edges Back Up After Recent Bearish Trend

NATURAL GAS

Front month TTF is trading slightly higher today having fallen over 6€/MWh from Friday to a low of 37.75€/MWh/ The market has remained bearish despite recent colder than normal weather and the return of warm weather next week will further ease pressure on demand.

    • TTF JAN 24 up 1.1% at 38.57€/MWh
    • TTF Q1 24 up 0.8% at 38.75€/MWh
    • TTF SUM 24 up 0.9% at 38.22€/MWh
    • TTF WIN 24 up 0.5% at 42.49€/MWh
  • Temperatures in NW and central Europe are forecast to rise above normal from this weekend and currently expected to remain on the warm side beyond the middle of December.
  • European LNG sendout was back up to 462mcm/d on Dec 4 after dipping back to around 415mcm/d over the weekend.
  • Pipeline supplies into Europe from Norway are back up slightly to 348.2mcm/d but just below the recent highs amid planned outages at the Dvalin field this week.
  • European natural gas storage is back to the top of the previous five year range at 93.31% full on Dec 4 according to GIE data after recent greater than normal withdrawal rates. The seasonal five year average is 83.2%.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 63.26mcm/d.
  • ICE TTF daily aggregate traded futures volumes were yesterday up to 312k.

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