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TTF Extends Gains to Highest Since 22 August

NATURAL GAS

Volatile TTF front month is extending earlier gains up to the highest since 22 August with near term supply risks combining with a slightly cooler weather forecast into October.

  • Supply risks from Norway maintenance extensions, US export terminal maintenance and some lingering concerns from Australia LNG supply are all supporting the move.
  • Skarv gas field in Norway is expected to see additional cuts of 22.1mcm/d until early next month due to process problems on top of the planned outages.
  • Chevron failed to provide the unions with an agreement that incorporates agreed bargaining outcomes and the recommendations of the Fair Work Commissions according to the Offshore Alliance.
  • The price strength is focused in the near term with the spread to winter contracts falling as longer term forecast to mild weather and full inventories help ease the concern for tight winter gas supplies. Q1 2024 - Oct23 is down to 8.75€/MWh and Win24-Win23 down to 4.95€/MWh.
    • TTF OCT 23 up 8.7% at 43.25€/MWh
    • TTF WIN 23 up 4.4% at 49.5€/MWh
    • TTF SUM 24 up 3.7% at 50.58€/MWh
    • TTF WIN 24 up 3.7% at 54.45€/MWh
Energy BulletsCommodities
Energy BulletsCommodities

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