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TTF Falls Despite Jump in LNG and Storage Demand Amid Cold

NATURAL GAS

TTF prices are drifting down towards the lows of the year just above 30€/MWh despite the surge in LNG sendout and storage withdrawals to cover the increased heating demand amid cold weather this week.

    • TTF FEB 24 down -1% at 30.64€/MWh
    • TTF SUM 24 down -1.5% at 30.5€/MWh
    • TTF WIN 24 down -0.9% at 35.23€/MWh
    • TTF SUM 25 down -0.6% at 32.3€/MWh
  • Below normal temperatures in NW are expected to continue into next week before increasing to near normal in the second week of the outlook. Temperatures in central Europe could return to normal slightly sooner over the coming weekend.
  • European natural gas storage was down to 82.64% full on Jan 9 according to GIE data after a jump in withdrawals driven by the cold weather. Storage remains well above the seasonal five year average of 70.4%.
  • Net European LNG import sendout rose again on Jan 9 up to the highest since April at 509mcm/d on Jan 8 with the highest Iberia supply since 2022 according to Bloomberg.
  • Norwegian pipeline supplies to Europe are back up to 351.6mcm/d today to remain at the strong levels seen since November.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 47.7mcm/d.
  • ICE TTF daily aggregate traded futures volumes yesterday were 242k.

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