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TTF Holding Steady as Cold Weather Continues

NATURAL GAS

Front month TTF is steady today after bouncing between about 131€/MWh and 145€/MWh in recent days.

    • TTF JAN 23 up 0.2% at 138.75€/MWh
  • Current LNG supplies are strong at just below 500mcm/d and will remain vital for European and UK energy security. Engie yesterday agreed another term deal with Sempra for future supply from Port Arthur and the US and UK have agreed a joint action group to ensure at least 9-10bcm of US LNG is delivered into the UK next year.
  • Norwegian supply is today nominated at 330mcm/d but output is curtailed due to a capacity reduction at Oseberg and Karsto today and tomorrow. Gas transit via Ukraine is stable at 42.4mcm/d.
  • Weather forecasts are largely unchanged with below normal temperatures expected in NW and Central Europe and the Nordic region throughout the two week outlook.
  • European storage withdrawals continue in line with seasonal normal with total stocks down to 90.93%.

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