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TTF Higher on Winter Demand Concerns Despite Current Warm Weather

NATURAL GAS

European gas edges higher on potential for cooler weather and as EDF cut their nuclear power production forecast adding to gas generation demand.

    • TTF DEC 22 up 1% at 126.75€/MWh
  • IEA yesterday warned of tight supplies in Europe next summer with no supplies from Russian and if a China reopening boost LNG demand.
  • The weather forecast in NW Europe shows warm weather for the next 10 days but cools back to near normal from the middle of November.
  • High LNG supplies and full storage have eased the market fears of supply disruption this winter, but cold weather could still impact on upside risks.
  • Norwegian supplies are back up to 327.7mcm/d after dipping slightly over the last week while LNG imports were around 370mcm/d at the start of the week. Russia gas supplied through Ukraine is again stable at 42.4mcm/d.
  • European storage levels continue to edge higher to 95.02% with the warm weather delaying the start of the heating season.
Energy BulletsCommodities
Energy BulletsCommodities

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