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TTF Extends Gains Up Towards 40€/MWh

NATURAL GAS

TTF front month extends gains up towards 40€/MWh on tight supply concerns due to warm weather and Norway and US maintenance. Front month is still below the peak of 49.57€/MWh seen on 15 June.

  • Norway field and processing plants including Troll, Aasta Hansteen and Ormen Lange and the US Sabine Pass LNG terminal are all currently undergoing maintenance.
  • Moves in future seasons are more muted but are still higher with winter risks from cold weather, Asian LNG competition and increased industrial demand. The Q1 2024 premium over Q3 2023 is today at around 16.8€/MWh having traded between 14.3€/MWh and 18.3€/MWH so far this month.
  • The move has brought the JKM-TTF spread back into negative territory at around -0.4$/mmbtu compared to around +0.5$/mmbtu earlier today.
    • TTF JUL 23 up 13.1% at 39.48€/MWh
    • TTF WIN 23 up 7.4% at 54.5€/MWh
    • TTF SUM 24 up 6.2% at 52.75€/MWh
    • TTF WIN 24 up 4.4% at 54.68€/MWh

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