TTF Extends Gain on Cold Weather and Lower Norway Supply

TTF is rallying as cold weather increases heating demand and pressures the tight supplies into Europe with a short term cut in Norwegian supply adding to the upside pressure.

• TTF JAN 23 up 5.2% at 157.02€/MWh
• TTF SUM 23 up 5.1% at 157€/MWh
• Cold weather across Nordic regions and NW and central Europe throughout the two week forecast period could extend into other parts of Europe in the second half of the month.
• Norwegian supplies into Europe are curtailed today due to capacity reductions at Oseberg and Karsto with the issues at Oseberg expected to continue until Saturday. Imports into Europe are today nominated at 316.2mcm/d compared to an average of 330mcm/d over the previous week.
• LNG supplies are still up around record levels and flows via Ukraine are steady at 42.4mcm//d.
• Total European storage was at 90.57% on Dec 6 according to the latest GIE data compared to the seasonal normal of 80%.