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TTF Falls to Over One-Month Low

NATURAL GAS

TTF front month fell to the lowest level since 10 October this morning amid bearish short-term fundamentals and easing risks from the Middle East conflict after the resumption of output from Chevron’s Tamar gas field in Israel.

    • TTF DEC 23 down -4.1% at 44.71€/MWh
    • TTF Q1 24 down -4.3% at 46.35€/MWh
    • TTF SUM 24 down -3.9% at 44.85€/MWh
    • TTF WIN 24 down -3.5% at 48.4€/MWh
  • Israel ordered Chevron to resume production at the 10bcm/yr Tamar natural gas field that was forced to halt production on 9 October according to a filing on Sunday by Isramco, stakeholder in the field. The government sent the notice to the field’s operator on 9 November, the filing said.
  • Israel’s pipeline natural gas flows to Egypt have risen to around 350-400mcf/d, still around 50% lower than prior to the conflict, a person familiar with the numbers told Bloomberg.
  • High domestic demand due to unseasonable warm weather in Egypt and reduced pipeline flows from Israel have significantly weighed on Egypt’s LNG exports this autumn. An increase in imports from Israel, given the start up of the Tamar gas field, is likely to support Egypt’s ability to export LNG over the winter months.
Energy BulletsCommodities
Energy BulletsCommodities

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