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TTF Extends Rally on Warm Weather and Supply Concern

NATURAL GAS

TTF front month rallies up 18 % on the day to the highest since 17 May on concern for tighter supplies with warming temperatures in Europe.

  • The latest two week forecast shows temperature in NW Europe increasing well above normal in the coming week and holding above into the second week.
  • Added support come from tight import supplies with a current dip in US exports due to Sabine Pass maintenance, Norway LNG and field outages and potential increased LNG supply competition from Asia amid warmer weather in both regions.
    • TTF JUL 23 up 18.2% at 31.85€/MWh
    • TTF WIN 23 up 9.3% at 45.65€/MWh
    • TTF SUM 24 up 7.2% at 45.28€/MWh
    • TTF WIN 24 up 5.4% at 48.6€/MWh

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