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TTF Falls Lowest in Over 2 Weeks

NATURAL GAS

TTF front month has fallen to the lowest level since 16 October as currently no signs suggest that the ground offensive in Israel is causing an escalation of the conflict to the wider Middle East region which could further pose supply risks. Bearish short-term fundamentals with near-full storage, low demand due to mild weather and forecasts for high wind power output in NW Europe are adding further downside.

    • TTF DEC 23 down -10% at 47.72€/MWh
    • TTF Q1 24 down -9.5% at 49.7€/MWh
    • TTF SUM 24 down -9% at 47.85€/MWh
  • Forecasts suggest high wind output for the coming week in northwest Europe, limiting demand for natural gas. The latest ECMWF operational forecasts expect wind output at 12.25-43.2GW in the period until 10 November. Forecasts show a modest upward revision at the front of the forecast period and a slight downward revision towards the end of the period.
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