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TTF Higher As Second Week of Forecast Drifts Back Towards Normal

NATURAL GAS

TTF trading higher this morning with weather forecasts for NW and Central Europe edging back towards normal in the second half of January. Above normal temperatures which have reduced demand and eased the pressure on European winter supplies are still expected to continue during the first week of the forecast until about 16 Jan.

    • TTF FEB 23 up 5.6% at 73.45€/MWh
    • TTF SUM 23 up 5% at 77€/MWh
  • Supplies into Europe are holding steady. LNG supplies are down at around 440mcm/d with spreads still suggesting spot cargoes should be encouraged to divert to Asia over Europe.
  • Norwegian supplies are today nominated at the highest since April 2022 at 344.5mcm/d with just a small outage at Oseberg until 16 Jan but other planned outages expected later this month.
  • European gas storage levels are very slightly lower from last week at 83.18% but still basically unchanged since 20 Dec.
  • Russian gas transit through Ukraine is again expected down at 35.5mcm/d today.
Energy BulletsCommodities
Energy BulletsCommodities

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