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TTF Lowest Since Early Oct Driven by Warm Weather Forecast

NATURAL GAS

TTF has fallen to the lowest since Oct 6 with demand muted by a warmer than normal weather forecast towards the end of this week.

    • TTF JAN 24 down -1.9% at 39.34€/MWh
    • TTF Q1 24 down -2.1% at 39.62€/MWh
    • TTF SUM 24 down -2% at 39.2€/MWh
    • TTF WIN 24 down -1.7% at 43.48€/MWh
  • Temperatures in NW Europe are forecast to rise above normal from Dec 8 and the warm weather is currently expected to remain until the end of the two week forecast period.
  • European LNG sendout was at 417mcm/d on Dec 3 compared to an average of 447mcm/d in the previous week.
  • Pipeline supplies into Europe from Norway have dipped today to 342.8mcm/d amid planned outages at the Dvalin field this week.
  • European natural gas withdrawal rates are holding just above normal to take total storage down to 93.9% full on Dec 3 according to GIE data compared to the seasonal five year average of 83.6%.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 62.9mcm/d.

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