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TTF Near Lows with Potential EU Demand Targets Beyond March

NATURAL GAS

TTF front month has fallen back from the small earlier gains to trade negative on the day with price once again testing the lows since Jul 2021 around 47€/MWh.

  • Healthy storage levels expected to end to season over 50% full, steady LNG supplies and the suggestion of ongoing Europe demand reduction targets beyond March are all weighing on prices.
  • LNG supply remains steady with JKM trading about flat to TTF and with the US netback still just favouring flows to Europe over Asia.
    • TTF APR 23 down 0% at 47.4€/MWh
    • TTF SUM 23 up 0.2% at 48.3€/MWh
    • TTF WIN 23 up 0.2% at 55.85€/MWh
    • TTF SUM 24 down -0.1% at 52.5€/MWh

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