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TTF Following Energy Higher

NATURAL GAS

TTF traded below the €50/MWh mark last week for the first time since Aug 21.

  • Unseasonably mild weather, high storage levels (45% above 5y average) and strong LNG supply are all putting downward pressure on gas prices.
  • The steep drop in European gas prices happened despite an almost complete dry up of Russian flows, showing that the sanctioned nation is losing its power over European gas fundamentals.
  • TTF prices have staged a slight recovery early Monday, following overall energy markets higher in early trading.
  • TTF MAR 23 up 1.1% at 49.6€/MWh

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