TTF Holding Steady Near 18 Month Low

TTF is holding small gains today after extending the decline from a high of 52.8€/MWh on 24 Feb down to a low of 41.9€/MWh yesterday. Lower prices are driven by the warmer weather forecast for NW and central Europe, highs storage levels, strong LNG supplies and ongoing EU consumption reduction efforts with uncertainty of Asian demand and competition for LNG supplies.

• TTF APR 23 up 0.8% at 42.5€/MWh
• Temperatures in NW Europe are expected to move back above normal at the end of this week to ease the recent cold weather boost to heating demand. Near record LNG sendout last week eased back lower but was still high at 495mcm/d on 3 March.
• European gas in storage is at 58.93% according to GIE data from 5 Mar compared to the five year average of 37.7% with near normal withdrawals. Germany is at 67.38% full, Italy at 58.51%, Netherlands at 59.68%, Austria at 68.1% and France at 37.55%.

• Norwegian imports are today nominated down to 312.8mcm/d due to planned maintenance this week including at Troll and Kollsnes today. Gas transit flows through Ukraine are today nominated at 42.4mcm/d and Algeria gas flow to Italy at Mazara is up to 54mcm/d.