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TTF Extends Gains

NATURAL GAS

Front month TTF is extending gains throughout the session to the highest since 21 February after finding some technical support and added upside from a downward revision in wind forecasts for NW Europe. Upside remains limited with storage levels above the five-year range and muted demand amid mild weather.

    • TTF MAR 24 up 4.6% at 24€/MWh
    • TTF SUM 24 up 4.3% at 24.48€/MWh
  • Wind forecasts in NW Europe have been significantly revised down during 3-6 March. German wind output is forecast between 3.8-22.8GW in the period to 7 March, compared with forecasts of 2.96-24.9GW previously.
  • EU natural gas inventories stood at 64.08% as of 24 February, compared with the five-year average of 47.2%, GIE data showed. Net storage withdrawals have risen above the seasonal average for the first time since 20 January on 23 February to 2,798GWh/d, compared with the average of 2,629GWh/d.

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