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TTF Extends Decline Amid Steady Supplies and Warm Weather

NATURAL GAS

TTF continues to drift lower amid bearish near term fundamentals with steady supplies and warm weather persisting across Europe.

    • TTF APR 24 down 1.2% at 24.62p/th
    • TTF SUM 24 down 1.2% at 25€/MWh
    • TTF WIN 24 down 0.8% at 29.29€/MWh
    • TTF SUM 25 down 1.1% at 27.84€/MWh
  • Temperatures in NW and central Europe are expected to remain above normal throughout much of the two week forecast although could drift towards normal in the last week of the month.
  • European gas storage was 60.59% full on Mar. 10 according to GIE data compared to the seasonal five year average of 43.14% and 56.9% this time last year. Data is showing small withdrawal rates this week down to just 906GWh/d.
  • Norwegian pipeline supplies to Europe are today nominated down at 337.2mcm/d amid small, planned field and processing plant outages this week.
  • European LNG sendout was steady at 333mcm/d on Mar. 10 but below an average of 364mcm/d so far in March and 413mcm/d in March 2023.
  • Gas transit flows through Ukraine are at 42.0mcm/d today and Algeria gas flow to Italy at Mazara are today at 59.9m/d.
  • ICE TTF daily aggregate traded futures volume was yesterday at 272k.
Energy BulletsCommodities
Energy BulletsCommodities

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