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TTF Extends Losses

NATURAL GAS

TTF front month extends losses, falling to the lowest level since 7 June, amid recovering supplies from Norway, healthy storage levels and a sluggish recovery in European industrial gas demand.

  • TTF AUG 23 down -4.2% at 25.5€/MWh
  • TTF front month fell to an intra-day low of €25.07/MWh, after opening the session higher.
  • Norway’s Troll field with an unavailability of 21.5mcm/d is returning today, after being extended several times. An increased unavailability at the Kollsnes processing plant to 22mcm/d, from first 9mcm/d planned, has offered some upside to prices.
  • The recovery of European natural gas demand remains sluggish with industrial gas demand in NW Europe down by 16% yoy in June and 25% below the 2017-2021 average.
  • EU gas storage levels stood at 80.31% on 12 July and remain well above the five-year average of 65.6%.

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