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TTF Holds Near Lows After Decline in Feb

NATURAL GAS

TTF front month is holding just above the lowest since May 2021 after falling €7MWh from over €30/MWh at the start of February as temperatures stay mild and storage levels high. Qatar has announced plans for an additional 16mtpa of annual production with a new North Field West project.

    • TTF MAR 24 up 0.7% at 23.1€/MWh
    • TTF SUM 24 up 0.6% at 23.62€/MWh
    • TTF WIN 24 up 0.5% at 28.1€/MWh
  • Temperatures in Europe are forecast to stay mild with unseasonably warm weather expected in the Nordic, central and eastern regions. Temperatures in NW Europe are closer to normal although remain above throughout the current two week forecast.
  • Norwegian pipeline supplies to Europe are today almost unchanged from levels over the weekend with nominations at 345.1mcm/d.
  • Below normal withdrawal rates continue to boost European gas storage up above the previous five year range at 64.08% full on Feb 24 according to GIE data compared to the seasonal five year average of 47.2%.
  • European LNG sendout was at 340mcm/d on Feb 24 according to Bloomberg to remain in line with the average of 345mcm/d seen so far during February.
  • Gas transit flows through Ukraine are at 41.3mcm/d today and Algeria gas flow to Italy at Mazara is today at 45.6m/d.
  • ICE TTF daily aggregate traded futures volume was at 300k on Feb. 23.
Energy BulletsCommodities
Energy BulletsCommodities

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