TTF Falls on Warmer Weather and Completed Repairs at Freeport LNG

TTF front month falls 7€/MWh as weather forecasts in NW Europe turn back to above normal at the end of January.

• TTF FEB 23 down -8% at 60.7€/MWh
• TTF SUM 23 down -9.7% at 61.51€/MWh
• TTF WIN 23 down -7.9% at 70€/MWh
• Freeport LNG in the US said they have completed repairs and are seeking to start partial operations has added to the downside pressure.
• The market has coped with the recent spell of cold weather with higher LNG imports but below the December record levels and with storage withdrawals still below the five year average rate.
• Total LNG net import flows to Europe were at 439mcm/d on 21 Jan with NW Europe imports at 296mcm/d.
• European storage was down to 77.81% on 22 Jan according to GIE data with the recent withdrawal rate of 0.57% compared to the five year average of 0.66%.
• Norwegian supply is back up to 320.6mcm/d but further planned outages before the end of the month will keep supply below the start of year levels around 338mcm/d. Gas transit via Ukraine is again at 24.4mcm/d.