TTF Falls Another €5 in the Week to the Lowest Since May 2021

Front month TTF is again trading down to the lowest since May 2021 having fallen more than another 5€/MWh this week. Low demand in Europe and muted competition from Asia is combining with healthy storage to drive prices lower while strong LNG imports are covering for the missing Norwegian supply during the maintenance period.

• TTF JUN 23 down -3% at 24.7€/MWh
• TTF WIN 23 down -1.4% at 44€/MWh
• Imports from Norway are still limited by field and processing plant maintenance which is ongoing into mid June. Imports are today at 227.9mcm/d with the main field outages at Ormen Lange, Aasta Hansteen and Troll.
• European LNG net import flows have increased during this week up to over 490mcm/d on 24 May from around 420mcm/d on 20 May. Tanker arrivals into NW Europe for the month are not far below the record high seen in April.
• European gas injection rates remain slightly below normal with total storage now up to 66.71% full on 24 May according to GIE data compared to the five year average of 48.5%.
• Temperatures in central and NW Europe are moving above normal in the coming days and into next week although temperatures in more southern and northern areas will remain cooler.
• Gas transit flows through Ukraine are today at 41.1mcm/d and Algeria gas flow to Italy at Mazara are still down at 30.5mcm/d due to scheduled works.