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TTF Extends Gains Amid Norway and LNG Supply Risks

NATURAL GAS

The TTF front month price rallies back up to 30€/MWh today as the market remains sensitive to supply risks despite high storage levels.

  • Despite the gains, front month TTF remains below the highs of nearly 31.5€/MWh seen last week while moves in future seasons are more muted.
  • TTF is gaining ground amid lower LNG flows and concern for further upcoming Norway maintenance despite a recovery in Norwegian flows over the weekend with the return of some Troll capacity. More Troll works are however expected starting next week, and another significant period of Norway maintenance is expected from 26 August according to Gassco.
  • TTF gaining faster than JKM has pushed the front month JKM-TTF spread back to near 1$/mmbtu from over 2$/mmbtu early last week.
  • The US LNG netback to Europe for September was at 5.96$/mmbtu with the netback to Asia at 7.26$/mmbtu according to Bloomberg before the TTF open today.
    • TTF SEP 23 up 3.7% at 29.93€/MWh
    • TTF WIN 23 up 1.8% at 45.82€/MWh
    • TTF SUM 24 up 1.8% at 48.78€/MWh
    • TTF WIN 24 up 1.4% at 52.6€/MWh
Energy BulletsCommodities
Energy BulletsCommodities

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