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TTF Front Month Lowest Since June but Future Seasons Supported

NATURAL GAS

Front month TTF falls to the lowest since the end of June at 142.8€/MWh as warm weather, EU efforts to reduce consumption, and filling storage helps to ease prices ahead of the upcoming heating season.

  • Concern for supplies to Europe beyond the current winter continue to support the future seasons. The EU may struggle to meet demand to restock supplies next summer and cover demand next winter due to the missing Russian supplies.
  • The introduction of new EU LNG import terminals will gradually improve capacity over the coming couple of years. Global liquefaction supply increases from US and Qatar are not likely to come until 2025 and beyond.
    • TTF NOV 22 down -7.2% at 142.8€/MWh
    • TTF SUM 23 down -1.9% at 152€/MWh
    • TTF WIN 23 down -0.2% at 150.75€/MWh
    • TTF SUM 24 down -1% at 107.43€/MWh
    • TTF WIN 24 down -0.7% at 105.5€/MWh
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