TTF Holding Onto Gains on Higher Demand and Supply Risk

TTF gas holds onto the gains from late yesterday with supply risks and potential higher natural gas demand due to French nuclear outages.

• Nuclear reactor availability in France remains reduced as workers continue strike action against the country’s new pension reform. Reactors are operating at the same as yesterday at 63% capacity from 37 of 56 units according to Bloomberg based on RTE data.
• Added concerns are that nuclear electricity output will remain largely constrained this year after EDF said it needs to review its program of nuclear reactor checks. EDF has discovered new defects at two of its nuclear reactors that were halted for maintenance and repairs.

• A halt to operations at French LNG ports due to the strikes resulting in diverted cargoes and below normal temperatures are putting more pressure on gas storage withdrawals. LNG deliveries have been delayed with several cargoes diverting to other European locations such as UK and Spain.
  • TTF APR 23 up 8.5% at 47.3€/MWh
  • TTF SUM 23 up 8.2% at 48.13€/MWh
  • TTF WIN 23 up 6.8% at 55.5€/MWh
  • TTF SUM 24 up 6.5% at 51.9€/MWh
  • TTF WIN 24 up 5.9% at 53.71€/MWh