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TTF Extends Decline on Warmer NW Europe Next Week

NATURAL GAS

TTF extends the decline to lose most of the gains from yesterday with warmer weather expected in NW Europe into next week.

  • Since the start of March front month TTF has bounced within the wide 39€/MWh to 53€/MWh range.
  • High end of winter storage levels has eased the pressure on LNG import supplies to refill storage over the coming summer months. Last week the IEA suggested Europe will need 35bcm less gas into storage compared to last year however this will be without the pipeline Russian supplies seen last year. The added risk of competition for supplies from Asia with a recovery in China could also add to price support although Asia demand remains muted so far this year.
    • TTF MAY 23 down -6.6% at 48€/MWh
    • TTF WIN 23 down -3.6% at 60.63€/MWh
    • TTF SUM 24 down -3.9% at 57.39€/MWh
    • TTF WIN 24 down -2.8% at 59.73€/MWh

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