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TTF Extends Rally up 12% on LNG Shipping Risks Via Red Sea

NATURAL GAS

TTF front month extends gains up over 12% on the day as more shippers reroute vessels as they pause traffic through the Red Sea due to reports of more Houthi attacks on vessels. Front month TTF has regained all the losses from last week rising from a low of 32.75€/MWh to 37€/MWh.

  • Yemen’s Iranian-backed Houthi rebels have claimed responsibility for two attacks on ships Dec. 18 using naval drones, according to Alarabiya news. The Swan Atlantic is carrying vegetable oil while the MSC Clara is a container ship.
  • The only real main source of LNG transported via Bab al-Mandab is supplies from Qatar which equates to about 5% of all Europe (EU+UK) net LNG supply according to ICIS. The LNG share of shipments transiting the route is about 8% of global trade according to Davide Ghilotti at Upstream.
    • TTF JAN 24 up 12.5% at 37.33€/MWh
    • TTF Q1 24 up 11.8% at 37.43€/MWh
    • TTF SUM 24 up 10.2% at 36.99€/MWh
    • TTF WIN 24 up 6.7% at 41.52€/MWh
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TTF front month extends gains up over 12% on the day as more shippers reroute vessels as they pause traffic through the Red Sea due to reports of more Houthi attacks on vessels. Front month TTF has regained all the losses from last week rising from a low of 32.75€/MWh to 37€/MWh.

  • Yemen’s Iranian-backed Houthi rebels have claimed responsibility for two attacks on ships Dec. 18 using naval drones, according to Alarabiya news. The Swan Atlantic is carrying vegetable oil while the MSC Clara is a container ship.
  • The only real main source of LNG transported via Bab al-Mandab is supplies from Qatar which equates to about 5% of all Europe (EU+UK) net LNG supply according to ICIS. The LNG share of shipments transiting the route is about 8% of global trade according to Davide Ghilotti at Upstream.
    • TTF JAN 24 up 12.5% at 37.33€/MWh
    • TTF Q1 24 up 11.8% at 37.43€/MWh
    • TTF SUM 24 up 10.2% at 36.99€/MWh
    • TTF WIN 24 up 6.7% at 41.52€/MWh