TTF Holding Just Above Recent Lows

TTF front month is holding near the previous close after drifting lower yesterday. Warm weather is expected in February as winter supply risks reduced towards the end of the winter heating season amid high storage levels and steady LNG supplies. TTF front month is near the recent low of 52.75€/MWh from 27 Jan.

• TTF MAR 23 up 0.6% at 54€/MWh
• TTF SUM 23 up 0.2% at 56€/MWh
• TTF WIN 23 down -0.2% at 64€/MWh
• The current weather forecast shows a return above normal over the coming weekend with temperatures likely to remain above for most of the two week period.
• European gas in storage is at 68.82% according to GIE data from 7 Feb compared to the five year average of 48.9%. Germany is at 75.4% full, Italy at 68.24%, France at 58.48% and Netherlands at 66.57%.
• LNG import flows to Europe have edged just slightly higher with cooler temperatures this week. Total European sendout was at 433mcm/d on 6 Feb.
• Norwegian supplies are relatively unchanged today at 335.8mcm/d and Russian gas supplies flowing through Ukraine are unchanged at 30.8mcm/d. Maintenance at the Gullfaks field initially scheduled for this month has been postponed until 2 March.