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TTF Holds Steady After 10€/MWh Drop Since Nov 24

NATURAL GAS

The declining trend in front month TTF has paused this morning after falling over 10€/MWh since Nov 24 as winter supplies look to the coping well with the muted winter season demand so far. Risk to LNG supplies is again in focus amid fresh concern for shipping due to the Israel-Hamas conflict after another attack on a tanker in the Red Sea.

    • TTF JAN 24 up 0.8% at 36.4€/MWh
    • TTF Q1 24 up 0.7% at 36.7€/MWh
    • TTF SUM 24 up 1% at 36.62€/MWh
    • TTF WIN 24 up 0.9% at 41.15€/MWh
  • Above normal temperatures are still forecast for NW and central Europe throughout the coming two weeks although with a slight dip in the next couple of days.
  • European natural gas storage was down to 90.75% full on Dec 10 according to GIE data compared to the seasonal five year average of 80.6% amid smaller than normal withdrawals of last weekend.
  • European LNG sendout was down at 351mcm/d on Dec 10 with muted demand due to warm weather. LNG at sea for at least 20 days has increased slightly in recent days to hold just above the previous five year range.
  • Pipeline supplies into Europe from Norway are today up to 351.6mcm/d compared to an average so far this month of 350mcm/d.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 58.8mcm/d.
  • ICE TTF daily aggregate traded futures volumes were yesterday up to 302k.

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