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TTF Open Interest Rising Towards April High

NATGAS

ICE Endex TTF aggregate open interest is rising towards the high seen at the end of April, which was the highest since November 2021, as market volatility holds near recent lower levels.

  • Open interest is currently at 1.943m compared to a record of 2.007m in September 2021.
  • TTF second month implied volatility has risen up to 63% this week from a low of 58.7% last week but is still low compared to nearly 100% at the start of the year.
  • Open interest has continued the trend higher since the start for 2023 as futures prices have found support since reaching a low of €22.315/MWh in February.
  • LNG supply risks are supporting the TTF market with buying from Asia, such as Japan and South Korea, ahead of the northern hemisphere summer adding to export terminal disruptions in Malaysia and Australia and despite muted European demand and high storage.
  • Data last week for the week to May 10 showed investment fund net long positioning in ICE TTF futures was the most bullish since February 2022.
  • TTF JUN 24 up 3.2% at 32.78€/MWh
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