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TTF Erases Gains

NATURAL GAS

Front month TTF has reversed earlier gains from an intraday high of €34.50/MWh to trade lower on the day amid a slight upward revision in temperature forecasts. Upside risks remain from Middle East escalations amid terrorist attacks in Iraq and Iran and Houthi rebel attacks on vessels in the Red Sea.

    • TTF FEB 24 down -0.8% at 32.53€/MWh
    • TTF SUM 24 down -0.3% at 32.25€/MWh
  • Temperatures in NW Europe have been revised slightly higher. Forecasts now suggest temperatures below the norm until 13 January, and then rising above normal for three days, before falling back down.
  • The US and its allies have warned the Houthis that there will be consequences if they don’t stop attacking ships in the Red Sea. The UN said that 18 companies have now rerouted ships.

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