TTF Falls Again Amid Warm Weather in December

TTF is trading at the lowest since Oct 6 with warm weather helping to limit demand and after healthy supplies have coped with the recent below normal temperatures in Europe.

• TTF JAN 24 down -4.9% at 36.73€/MWh
• TTF Q1 24 down -4.7% at 37.03€/MWh
• TTF SUM 24 down -3.9% at 36.88€/MWh
• TTF WIN 24 down -3.5% at 41.2€/MWh
• Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although with a slight dip in temperatures in the middle of this week.
• European natural gas storage was down to 91.12% full on Dec 9 according to GIE data with withdrawal rates falling back below normal driven by the warmer weather in Europe. The seasonal five year average is 81.1%.
• European LNG sendout also eased lower late last week back to 412mcm/d on Dec 8 compared to a recent high of nearly 500mcm/d on Dec 5.
• Pipeline supplies into Europe from Norway are today at 347.2mcm/d compared to an average so far this month of 350mcm/d with a small outage at Dvalin.

• Gas transit flows through Ukraine are at 41.9mcm/d today and Algeria gas flow to Italy at Mazara are at 58.1mcm/d.
• ICE TTF daily aggregate traded futures volumes were at 243k on Friday.