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TTF Gains As European Weather Forecast Turns Cooler

NATURAL GAS

TTF front month is seeing some support this morning after the decline in recent days with a slightly cooler weather forecast.

    • TTF NOV 23 up 2.4% at 37.87€/MWh
    • TTF Q1 24 up 0.8% at 44.47€/MWh
    • TTF SUM 24 up 0.8% at 43.26€/MWh
  • The latest weather forecast shows the warm weather across Europe starting to dissipate by the middle of next week. Temperatures in NW Europe could potentially dip below normal into the second half of the month although parts of the Mediterranean will remain warm.
  • Norwegian pipeline supplies to Europe are today nominated slightly lower than yesterday at 264.1mcm/d. Outages are expected to gradually end this week falling from 97mcm/d today to just 20mcm/d on 12 Oct.
  • European natural gas storage is up to 96.15% full on 2 Oct according to GIE data compared to the five year average of 87.75%.
  • LNG sendout to Europe increase up to 309mcm/d on 2 Oct compared to around 275mcm/d seen over the previous week but and still well below levels around 375mcm/d seen this time last year.
  • Gas transit flows through Ukraine are steady at 42.3mcm/d today but Algeria gas flow to Italy at Mazara are still down at 57.3/d today.
  • ICE TTF aggregate traded volumes yesterday remained steady at 262k contracts.

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