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TTF Extends Gains on Weather, Storage Withdrawals

NATURAL GAS

TTF front month is extending gains throughout the session as latest weather forecasts suggested a prolonged period of colder weather, while storage withdrawals exceeded the five-year average.

    • TTF JAN 24 up 3.8% at 43.7€/MWh
    • TTF Q1 24 up 3.7% at 43.93€/MWh
    • TTF SUM 24 up 3.4% at 42.9€/MWh
  • Net withdrawals rose to 6,577GWh/d on 29 November, at the top end of the five-year range, compared with the five-year average of 4,173GWh/d.
  • Net withdrawals in the week to Nov 29 averaged 4,003GWh/d compared to the 2018-2022 average for the period of 3,490GWh/d.
  • Temperatures in NW and central Europe are expected remain below the norm until 8 Dec, from 5-6 Dec in yesterday’s forecast. Temperatures are then expected to rise back above normal for one week.

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