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TTF Jumps in Reaction to Nord Stream Halt

NATURAL GAS

TTF gas traded 30% higher in initial trading following the announcement after the close on Friday that Nord Stream Flows would not return over the weekend. EU nations last week suggested the EU was much better prepared for an indefinite halt to Nord Stream supplies with increased LNG from developing LNG regas infrastructure, gas consumption reduction measures and increasing storage levels.

    • TTF OCT 22 up 18.4% at 254.21€/MWh
    • TTF WIN 22 up 20% at 260€/MWh
  • The EU is holding an emergency meeting of energy minister on Friday to discuss the energy crisis including the possibility of an energy price cap. Initial indications last week suggested a price cap being considered may be on power only and not gas despite calls from various countries for both.
  • Today flows of Russian gas through Ukraine are steady at 42.4mcm/d despite the halt to Nord Stream. Supply from Norway is still reduced due to planned maintenance at several fields and terminals with today nominated at 279.9mcm/d. Reductions due to maintenance are expected to continue throughout much of September.
  • European storage is up to 81.55% full with Germany over their Oct 1 target at 85.55%, Italy at 83.74%, France at 92.66%, and Netherlands at 79.16%.
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TTF gas traded 30% higher in initial trading following the announcement after the close on Friday that Nord Stream Flows would not return over the weekend. EU nations last week suggested the EU was much better prepared for an indefinite halt to Nord Stream supplies with increased LNG from developing LNG regas infrastructure, gas consumption reduction measures and increasing storage levels.

    • TTF OCT 22 up 18.4% at 254.21€/MWh
    • TTF WIN 22 up 20% at 260€/MWh
  • The EU is holding an emergency meeting of energy minister on Friday to discuss the energy crisis including the possibility of an energy price cap. Initial indications last week suggested a price cap being considered may be on power only and not gas despite calls from various countries for both.
  • Today flows of Russian gas through Ukraine are steady at 42.4mcm/d despite the halt to Nord Stream. Supply from Norway is still reduced due to planned maintenance at several fields and terminals with today nominated at 279.9mcm/d. Reductions due to maintenance are expected to continue throughout much of September.
  • European storage is up to 81.55% full with Germany over their Oct 1 target at 85.55%, Italy at 83.74%, France at 92.66%, and Netherlands at 79.16%.