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TTF Falls to Lowest Since Early Sep 2021

NATURAL GAS

TTF front month continues to fall with the low demand expectations for the rest of February due to the warm weather forecast. The front month contract is now trading at the lowest since early Sep 2021.

  • The front is declining quicker than future seasons with ongoing concern for Sum23 and Win23 supplies providing support. Competition for LNG supplies from Asia could increase later this year with a potential demand recovery in China. Global LNG supplies are not forecast to increase significantly until late 2024 and beyond. TTF prices are supported as Europe will need to attract strong LNG supplies to restock storage ahead of next winter.
  • Sum23 is trading nearly 2€ above the March23 contract and Win23 is 10€/MWh higher.
    • TTF MAR 23 down -4.1% at 51.73€/MWh
    • TTF SUM 23 down -3.4% at 53.7€/MWh
    • TTF WIN 23 down -2.5% at 61.75€/MWh
    • TTF SUM 24 down -2.4% at 56.8€/MWh
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