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TTF Extends Gains on Cold December Weather

NATURAL GAS

TTF front month trades as high as 149€/MWh as the December cold weather drives prices until the end of Win23 higher.

  • A slight decline in Norwegian output due to capacity reductions at Oseberg and Karsto is adding to the upside pressure.
  • The cold weather is putting pressure on LNG supplies with the Platts NW Europe LNG price differential to TTF up from -12.7$/mmbtu a week ago to -9.6$/mmbtu.
    • TTF JAN 23 up 6.4% at 147.3€/MWh
    • TTF SUM 23 up 5.7% at 147.48€/MWh
    • TTF WIN 23 up 4.5% at 143.51€/MWh
    • TTF SUM 24 up 0.8% at 98.8€/MWh
    • TTF WIN 24 up 0.8% at 95.3€/MWh

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