TTF Holding Just Above Lows From Last Week

TTF front month is holding just above the lows from last week at 40.55€/MWh with warm weather expected across Europe next week although temperatures could fall back towards normal before the end of the month.

• TTF APR 23 up 1.2% at 43.41€/MWh
• TTF SUM 23 up 0.7% at 44.15€/MWh
• TTF WIN 23 up 0.2% at 51.05€/MWh
• Gas demand has been eased by higher wind generation although the milder weather is expected to bring a drop in wind output next week. Lower than normal nuclear reactor availability due to strike action and extended maintenance is adding to the gas support.
• LNG supplies into France are still disrupted with at least seven vessels heading to French LNG terminals diverted to other European terminals due to strike action.
• European gas in storage is at 56.10% according to GIE data from 14 Mar compared to the five year average of 35.8% with near normal net withdrawals. Germany is at 64.12% full, Italy at 56.55%, Netherlands at 57.9%, Austria at 66.35% and France at 30.95%.
• Norwegian imports are still limited by field maintenance with today nominated at 326.7mcm/d. Gas transit flows through Ukraine are today nominated at 42.4mcm/d and Algeria gas flow to Italy at Mazara are 66.2mcm/d.