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TTF Falls to Lowest Since Aug on Warmer Weather Next Week

NATURAL GAS

TTF is edging lower again as heating demand in Europe is expected to fall with warmer weather next week to offset Red Sea shipping disruption risks. Global LNG tankers are avoiding the Red Sea route with Qatar’s tankers turning away according to Bloomberg ship tracking.

    • TTF FEB 24 down -0.6% at 29.49€/MWh
    • TTF SUM 24 down -0.4% at 29.75€/MWh
    • TTF WIN 24 down -0.2% at 34.3€/MWh
  • Temperatures in NW Europe are expected to warm over the coming weekend with above normal temperatures expected from Jan 22 until the end of the month.
  • Norwegian pipeline supplies to Europe are nominated slightly up from yesterday at 349.7mcm/d today.
  • European natural gas storage was down to 78.58% full on Jan 15 according to GIE data compared to the seasonal five year average of 67.1% with near normal net withdrawal rates this week.

Toal European LNG sendout was back up to 438mcm/d on Jan 15 after falling to around 390mcm/d over the weekend according to Bloomberg.

  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 48.1mcm/d.
  • ICE TTF daily aggregate traded futures volumes were yesterday up at 267k.
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