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TTF Higher on Increasing Heating Demand from NW Europe Cold

NATURAL GAS

The first cold spell of the winter in NW Europe is supporting TTF prices with concern for tight supplies.

    • TTF JAN 23 up 2.5% at 138€/MWh
  • Below normal temperatures forecast for most of December are putting pressure on prices this winter and throughout 2023 with concern for storage levels by the end of the withdrawal seasonal. The current two week outlook shows temperatures below normal for NW and central Europe and the Nordic region.
  • Current storage withdrawals are in line with expected seasonal normal levels and overall stocks are down to 91.27% as of Dec 4. The latest GIE data shows storage in Germany at 96.77% full, Italy at 90.32, France at 94.39% and Netherlands at 86.87%.
  • Supplies are stable with Norwegian flows nominated at 335mcm/d, LNG import flows just below 500mcm/d and supplies via Ukraine at 42.4mcm/d.

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