TTF Extends Gains With Disruption From French Strikes

Front month TTF trading back towards 50€/MWh with supply risks and potential higher natural gas demand due to French strikes.

• Nuclear reactor availability in France remains reduced in the short term as workers continue strike action against the country’s new pension reform. Longer term concerns come from a review by EDF of its program of nuclear reactor checks which could constrain nuclear electricity output this year.
• Strikes are also disrupting French LNG terminals causing delays as cargoes divert to other European locations such as UK and Spain.
• Current colder weather in northern areas of Europe is adding to the concern and leading to an increase in storage withdrawals although temperatures are expected to warm back towards normal next week.
  • TTF APR 23 up 13.5% at 49.47€/MWh
  • TTF SUM 23 up 12.3% at 49.94€/MWh
  • TTF WIN 23 up 10% at 57.17€/MWh
  • TTF SUM 24 up 9.4% at 53.28€/MWh
  • TTF WIN 24 up 8.9% at 55.23€/MWh