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TTF Falls After Pulling Back from 162€/MWh Peak Yesterday

NATURAL GAS

European TTF gas near to close levels after volatile trading yesterday saw the front month price swing up as high as 162€/MWh below falling back to 136.6€/MWh.

    • TTF JAN 23 down -1.3% at 137.5€/MWh
  • Below normal temperatures throughout the current two week forecast period are adding to upside pressures while uncertainty remains over EU plans for a gas price cap. Member states still disagree over the structure and level of any cap and yesterday seven states were pushing for a more dynamic gas price cap.
  • Strong LNG supplies are helping against the increased demand due to the cold weather with total European LNG sendout up to 497mcm/d on Nov 29.
  • Norwegian supply to Europe is today nominated back up to 327.4mcm/d after falling yesterday after a compressor failure at Kollsnes.
  • Gas transit via Ukraine is steady at 42.4mcm/d while Europe storage levels are at 92.08%.

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