TTF Lower on Optimism for  Gaza Ceasefire

TTF is down on the day after headlines late yesterday sparked optimism for a ceasefire between Israel and Hamas although Bloomberg sources report talks are still in the early stages.

• TTF MAR 24 down -1.7% at 28.51€/MWh
• TTF SUM 24 down -0.8% at 29.65€/MWh
• TTF WIN 24 down -0.8% at 34.18€/MWh
• TTF SUM 25 down -0.5% at 31.82€/MWh
• CBS News sources reported the US has a series of strikes planned in the coming days in response to the drone attack on a Jordanian outpost that killed three US service personnel over the weekend.
• Temperatures in most of Europe are expected to remain mild in the coming week although are forecast to fall back to near or slightly below normal during the second week of the outlook.
• Nominations for Norwegian pipeline supplies to Europe are unchanged from yesterday at 346.6mcm/d and in line with the average seen in January.
• European natural gas storage was at 70.17 full on Jan 31 according to GIE data compared to the seasonal five year average of 57.1% as net withdrawal rates hold just below normal levels.
• European LNG sendout was at 353mcm/d on Jan 31 with supplies holding below the levels seen in Jan. LNG imports are still below levels seen in 2022 and 2023 but remain well above the 2015-2021 average.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is down to 54.8mcm/d today.
• ICE TTF daily aggregate traded futures volume was yesterday at 271k.