TTF Falls on US LNG Recovery and Warmer Weather

TTF reverses much of the gains from yesterday with a warmer weather forecast in the second week of the outlook and with more positive sentiment over US LNG exports. Muted industrial demand and healthy storage levels continue to weigh on prices.

• Feedgas flows to the US Freeport terminal have slowly increased to 1.35bcf/d this week suggesting two production trains are now online. Cheniere also does not expect extended outages at its Sabine Pass and Corpus Christi LNG terminals this summer.
• The decline is despite potential for increased LNG competition from Asia during a five week outage to one train at the Gorgon LNG facility in Australia which is delaying some shipments to Asian buyers.
• The TTF Jun 24 – Q3 24 spread is today slightly wider at -0.55/MWh while the Q3 24 – Q1 25 spread is relatively unchanged at -€5.6/MWh.
  • TTF JUN 24 down 3.1% at 30.82€/MWh
  • TTF Q3 24 down 2.7% at 31.39€/MWh
  • TTF WIN 24 down 2.4% at 35.83€/MWh
  • TTF SUM 25 down 1.7% at 34.34€/MWh