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TTF Holding Much of Recent Gains

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Front month TTF is holding up much of last week’s gains on Gazprom supply concerns, Norwegian maintenance, higher competition for LNG supply with Asia and storage refill demand.

  • TTF JUN 24 up 1.2% at 34.53€/MWh
  • EU gas storage is at around 68.5% full according to GIE data compared to the 5-year seasonal average of 55.3%.
  • Hungary and Austria are the fullest vs 5-yr seasonal average.
  • Austria’s OMV said last week that Gazprom could halt deliveries due to payment issues – a key supportive factor in the recent TTF price rise as markets struggled to price the unexpected news.
  • Warmer-than-normal weather is expected across Europe in the next two weeks, according to Weather Services International.
  • Planned maintenance at some of Norway’s gas assets at the end of this month has also pushed up European gas prices.
  • Norway’s Equinor plans to boost gas output from Troll field, Europe’s largest, it said in a statement Friday – a boost for European energy longer term.
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Front month TTF is holding up much of last week’s gains on Gazprom supply concerns, Norwegian maintenance, higher competition for LNG supply with Asia and storage refill demand.

  • TTF JUN 24 up 1.2% at 34.53€/MWh
  • EU gas storage is at around 68.5% full according to GIE data compared to the 5-year seasonal average of 55.3%.
  • Hungary and Austria are the fullest vs 5-yr seasonal average.
  • Austria’s OMV said last week that Gazprom could halt deliveries due to payment issues – a key supportive factor in the recent TTF price rise as markets struggled to price the unexpected news.
  • Warmer-than-normal weather is expected across Europe in the next two weeks, according to Weather Services International.
  • Planned maintenance at some of Norway’s gas assets at the end of this month has also pushed up European gas prices.
  • Norway’s Equinor plans to boost gas output from Troll field, Europe’s largest, it said in a statement Friday – a boost for European energy longer term.