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TTF Extends Gains But Remains Below High From Yesterday

NATURAL GAS

Front month TTF is extending the gains today up to over 29.0€/MWh but still below the high of 29.7€/MWh seen yesterday.

  • Concern for tight supplies continues to drive the moves higher with a current dip in US exports due to Sabine Pass maintenance, Norway LNG and field outages and potential increased LNG supply competition from Asia amid warmer weather in both regions.
  • Front month spreads are still showing JKM at a slight premium to TTF while the July US netbacks to Asia was at 5.72$/mmbtu and to Europe at 5.39$/mmbtu according to Bloomberg data before the TTF open today.
  • The US netbacks favour spot supplies to Asia over Europe throughout the remainder of 2023.
    • TTF JUL 23 up 7.3% at 28.9€/MWh
    • TTF WIN 23 up 3.6% at 43.25€/MWh
    • JKM Jul 23 down -0.3% at 9.21$/mmbtu
    • JKM-TTF Jul 23 down -0.7$/mmbtu at 0.08$/mmbtu

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