TTF Falls to Lowest Since Jul 2021

TTF front month has fallen through 40€/MWh and the recent lows from earlier this month with low end of season demand, returning LNG supplies and wider market risks due to the global banking risks and the impact on demand. Warm weather in NW and central Europe and strong wind generation this week is adding to the bearish pressure.

• TTF APR 23 down -6.8% at 39.95€/MWh
• TTF SUM 23 down -6.6% at 41.01€/MWh
• TTF WIN 23 down -4.9% at 48.75€/MWh
• Total European LNG sendout was back over 400mcm/d over the weekend assisted by the return of Dunkerque LNG following the end to strike action late last week. Strike action at three other French terminals continues until 21 Mar.
• European gas in storage is at 55.70% according to GIE data from 18 Mar compared to the five year average of 35.1%. Germany is at 63.86% full, Italy at 56.45%, Netherlands at 58.66%, Austria at 65.98% and France at 29.17%.
• Norwegian imports are today nominated back up to 332.4mcm/d but output will fall later this week due to planned maintenance at several facilities. Gas transit flows through Ukraine are today nominated at 41.5mcm/d and Algeria gas flow to Italy at Mazara is at 67mcm/d.