Free Trial

TTF Falls Back as Steady Supplies Offset Cooler Weather

NATURAL GAS

TTF front month is trading lower but above the lows from last week with steady supplies from Norway and LNG weighed against slightly below normal temperatures this week amid small than normal storage withdrawals.

    • TTF DEC 23 down -4.1% at 44.73€/MWh
    • TTF Q1 24 down -4.2% at 45.6€/MWh
    • TTF SUM 24 down -3.3% at 44.7€/MWh
    • TTF WIN 24 down -2.2% at 48.59€/MWh
  • Temperatures in NW and central Europe are currently forecast to hold slightly below normal this week and into the start of December.
  • European LNG sendout was back up to 375mcm/d on Nov 25 after a dip below 350mcm/d late last week but still well below levels around 450mcm/d for the period last year.
  • Norwegian pipeline supplies to Europe are today down again to 345.6mcm/d after recovering to 354mcm/d yesterday according to Bloomberg.
  • European natural gas storage is down to 97.69% full on Nov 25 according to GIE data with recent withdrawals holding just below normal levels. The seasonal five year average is 86.5%.
  • Gas transit flows through Ukraine are at 39.2mcm/d today and Algeria gas flow to Italy at Mazara are at 58.4mcm/d.
  • ICE TTF daily aggregate traded futures volumes were down at 212k on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.