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TTF Falls Back After Spike to Nearly 50€/MWh On Groningen Closure

NATURAL GAS

TTF Falls back near to 46€/MWh after spiking up to nearly 50€/MWh following the announced Dutch government plan to permanently shut down the Groningen gas field in October ahead of the previous latest closure data by Oct 2024. Natural gas production from the Groningen field has steadily decreased in recent years as a result of earthquakes in the region.

  • TTF was already surging higher driven by tighter market concerns and short covering on the back of extended Norway maintenance and warm weather in Europe expected to increase cooling demand.
  • The European supply fears have driven TTF well above JKM to help maintain spot LNG supplies to Europe with the JKM-TTF spread down to below -5$/mmbtu.
  • TTF JUL 23 up 20.1% at 46€/MWh
  • TTF WIN 23 up 14.1% at 60.54€/MWh
  • TTF SUM 24 up 11.8% at 57.96€/MWh
  • TTF WIN 24 up 10.9% at 60.5€/MWh
  • TTF SUM 25 up 5.2% at 45.5€/MWh

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