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TTF Extends Decline Towards Low from Friday


TTF extends the decline towards the lows from Friday of 33.85€/MWh with low demand and high storage offsetting ongoing Norwegian maintenance and declining LNG imports.

  • EU and GB demand in June was down 11% YoY and 15% lower than the 2017-21 average according to ICIS data. H1 2023 demand was 12% down vs Jan-Jun 2022 and 17% below the 2017-22 average.
  • Norway’s supply increased slightly today but some further increases have been pushed back with delays to works at Troll by two days and Oseberg by one day.
  • LNG sendout to Europe has dropped down to 304mcm/d on 1 July to the lowest level since lows in August and September last year. NW European sendout is below last year’s levels for the first time since a brief dip below in mid April.
    • TTF AUG 23 down -6.9% at 34.54€/MWh
    • TTF WIN 23 down -3.7% at 50€/MWh
    • TTF SUM 24 down -2.3% at 50.11€/MWh
    • TTF WIN 24 down -1.1% at 52.55€/MWh

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