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TTF Holds as EU Meet to Discuss Gas Measures

NATURAL GAS

TTF is trading near close levels after a strong rally yesterday as the market considers the impact of cooler weather forecasts for the start of December and the proposed European Commission price cap mechanism.

    • TTF DEC 22 down -1.2% at 128€/MWh
  • Weather forecasts have warmed today but are still showing temperatures gradually falling towards normal or slightly below normal into December.
  • The high gas cap level and triggers proposed by the EC have pushed near term TTF prices higher but EU members are still in disagreement over how to control gas price spikes. EU energy minsters are meeting today to attempt to come to an agreement on various measures including joint gas purchase, faster permitting of renewables and ways to limit price volatility.
  • Norwegian supplies are today nominated down from yesterday at 318.7mcmd/ with a planned one day outage at Oseberg reducing capacity. Gas transit via Ukraine is steady at 42.4mcm/d.
  • Total net LNG imports into Europe were up to 465mcm/d at the start of the week on Nov 21 while storage is still at 94.58%
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TTF is trading near close levels after a strong rally yesterday as the market considers the impact of cooler weather forecasts for the start of December and the proposed European Commission price cap mechanism.

    • TTF DEC 22 down -1.2% at 128€/MWh
  • Weather forecasts have warmed today but are still showing temperatures gradually falling towards normal or slightly below normal into December.
  • The high gas cap level and triggers proposed by the EC have pushed near term TTF prices higher but EU members are still in disagreement over how to control gas price spikes. EU energy minsters are meeting today to attempt to come to an agreement on various measures including joint gas purchase, faster permitting of renewables and ways to limit price volatility.
  • Norwegian supplies are today nominated down from yesterday at 318.7mcmd/ with a planned one day outage at Oseberg reducing capacity. Gas transit via Ukraine is steady at 42.4mcm/d.
  • Total net LNG imports into Europe were up to 465mcm/d at the start of the week on Nov 21 while storage is still at 94.58%