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NATURAL GAS
TTF declines with further signs of progress towards a Freeport LNG restart, high storage levels and mixed weather forecasts for NW Europe. Despite the fall front month is still trading above the low of 51.85€/MWh from 27 Jan.
- Front month and Sum23 are both down over 5% today with optimism for LNG supplies and storage levels expected to finish the winter heating season above normal.
- Freeport LNG is still not expected to restart until later in Feb and with full operation not expected until a month or two later. No significant gas pipeline flows have yet been seen flowing to the terminal, but vessel tracking shows several tanker waiting outside the port.
- The latest operational weather forecast runs suggest the cold spell in NW Europe next week could be short lived with a return towards normal in the middle of Feb.
- TTF MAR 23 down -5.8% at 56.06€/MWh
- TTF SUM 23 down -5% at 58.5€/MWh
- TTF WIN 23 down -3.4% at 66.86€/MWh
- TTF SUM 24 down -2% at 61.5€/MWh
Source: Bloomberg
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.
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