TTF Falls Back Towards Low Amid Warm Weather

TTF is falling back towards the recent lows of 26.6€/MWh from Jan 22 amid muted demand expectations and healthy storage levels. Prices have also eased slightly after Reuters reports that the China authorities have asked Iran to curb Houthi attacks on Red Sea, with the news wire reporting that if China's interests are harmed it could impact commercial relations with Iran.

• TTF FEB 24 down -4.1% at 26.65€/MWh
• TTF SUM 24 down -3.8% at 27.7€/MWh
• TTF WIN 24 down -2.9% at 32.9€/MWh
• Temperatures in NW and central Europe are still forecast to hold above normal throughout the two week forecast period although could trend back towards normal during the first week of February.
• Norwegian pipeline supplies to Europe are today nominated up to 350.2mcm/d and in line with the average seen so far during January.
• European natural gas storage is down to 73.04% full on Jan 24 according to GIE data compared to the seasonal five year average of 61.2% with net withdrawals reducing this week.
• European LNG sendout was 347mcm/d on Jan 24 compared to an average of around 360mcm/d over the last week.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at 37.9mcm/d.
• ICE TTF daily aggregate traded futures volume was yesterday at 285k.