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TTF Falls With Little Sign of Cold Weather

NATURAL GAS

TTF is falling back towards the lows from last week at 64€/MWh despite a dip in temperatures in NW Europe next week. Temperatures are forecast to fall to normal or just below from about 16 Jan to 19 Jan before drifting back above normal again.

  • Low demand and high storage levels continue to ease the supply risks in Europe for this winter. Pressure on summer prices has also reduced with gas in store likely to end the winter much higher than originally expected. European gas storage was at 82.83% on 9 Jan compared to the seasonal normal of 66%.
  • Risks to LNG supplies to Europe will come from a recovery in Chinese demand and with the arrival of any cold weather into Japan. Around 68% of the LNG exported by the US last week is headed to Europe, while 27% is en route to Asia, according to Kpler.
    • TTF FEB 23 down -5.2% at 66.45€/MWh
    • TTF SUM 23 down -5% at 69.75€/MWh
    • TTF WIN 23 down -4.7% at 74.9€/MWh
    • TTF SUM 24 down -2.2% at 68.15€/MWh
    • TTF WIN 24 down -1.5% at 68€/MWh
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TTF is falling back towards the lows from last week at 64€/MWh despite a dip in temperatures in NW Europe next week. Temperatures are forecast to fall to normal or just below from about 16 Jan to 19 Jan before drifting back above normal again.

  • Low demand and high storage levels continue to ease the supply risks in Europe for this winter. Pressure on summer prices has also reduced with gas in store likely to end the winter much higher than originally expected. European gas storage was at 82.83% on 9 Jan compared to the seasonal normal of 66%.
  • Risks to LNG supplies to Europe will come from a recovery in Chinese demand and with the arrival of any cold weather into Japan. Around 68% of the LNG exported by the US last week is headed to Europe, while 27% is en route to Asia, according to Kpler.
    • TTF FEB 23 down -5.2% at 66.45€/MWh
    • TTF SUM 23 down -5% at 69.75€/MWh
    • TTF WIN 23 down -4.7% at 74.9€/MWh
    • TTF SUM 24 down -2.2% at 68.15€/MWh
    • TTF WIN 24 down -1.5% at 68€/MWh