TTF Extends Gains on LNG Import Concern Amid Ongoing Norway Outages

TTF extends the rally up 10% on the day on tight supply concerns but still below the high of 30.45€/MWh earlier this week on 6 June.

• Concern for LNG imports is driven by limited US exports due to maintenance at Sabine Pass, an unplanned halt to Norway’s Hammerfest LNG and concern for future competition from Asia.
• Ongoing maintenance in Norway causing lower pipeline imports to Europe are also supportive with healthy storage levels and low demand limiting upside moves.
• Storage injections continue at below normal rates but are still on track to comfortably fill before the start of winter although LNG imports are a key to reaching the 90% EU target by 1 November.
  • TTF JUL 23 up 10.1% at 29€/MWh
  • TTF WIN 23 up 4.9% at 42.82€/MWh
  • TTF SUM 24 up 3.8% at 43€/MWh
  • TTF WIN 24 up 2.6% at 46.59€/MWh