TTF Holding Just Above Lows Supported by Cool March

TTF is holding around within day trading levels from yesterday although slightly up on the day after a dip lower at the close.

• TTF APR 23 up 2.4% at 48.2€/MWh
• TTF SUM 23 up 1.1% at 48.3€/MWh
• Below normal temperatures in NW and central Europe over the next week may recovery back towards normal in the second week of the outlook. The cool end to the winter heating season is providing some support to TTF prices but front month remains only just above the lowest since Aug 2021 at around 46.4€/MWh from 28 Feb.
• LNG net import flows remain strong during the current cooler spell with spreads still encouraging US cargoes to Europe and despite increased Asian buying interest in recent weeks. Total LNG sendout averaged nearly 470mcm/d in the week to 27 Feb.
• High gas storage levels are limiting any upside moves with total EU gas storage at 61.07% according to GIE data from 28 Feb. A continuation of near normal withdrawal rates would bring end of March storage down to about 56% full.
• Norwegian imports are today nominated up at 342.6mcm/d and gas transit flows through Ukraine at today expected at 42.4mcm/d.