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TTF Higher on Weather Risk Despite Delayed Winter Demand

NATURAL GAS

TTF ticks higher as upside risks remain of colder than normal temperatures over the winter season and with Europe dependant on LNG supplies.

  • Ongoing restrictions to US LNG exports are also a concern to supplies to Europe. Cove Point has just returned from a month long period of maintenance and now Sabine Pass is seeing reduced supplies due to maintenance work at Kinder Morgan’s NGPL pipeline according to an operator notice. Uncertainty surrounds the return of Freeport LNG with resumption not yet approved by the regulator although they still hope for a gradual return during November.
  • Next summer and winter seasons are following the front higher with moves beyond muted on hopes for increased LNG regas and liquefaction capacity.
    • TTF DEC 22 up 8.4% at 126€/MWh
    • TTF SUM 23 up 5.7% at 129.25€/MWh
    • TTF WIN 23 up 5.1% at 126.5€/MWh
    • TTF SUM 24 up 0.8% at 93.5€/MWh
    • TTF WIN 24 up 0.4% at 92.15€/MWh

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