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TTF Finding Support

NATGAS

TTF has continued to find support during the European morning, testing the highs of July 19.

  • TTF AUG 24 up 2% at 32.24€/MWh
  • The rise does not appear to be headline driven, but rather supported by increased competition for LNG cargoes from Asia.
  • Egypt is also further increasing its LNG spot buying to cope with power demand over the summer. Traders said it is looking for another 5 cargoes in Aug-Sep.
  • India has been boosting its LNG buying amid a recent fall in spot prices and warmer weather boosting demand. The region is typically price sensitive.

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