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TTF Opens Higher Amid Longer Term Bearish Trend


TTF has opened higher today amid the longer term bearish trend as risks to LNG supplies from the Red Sea disruption are weighed against the healthy near term supplies and muted European demand.

    • TTF JAN 24 up 3.3% at 33.65€/MWh
    • TTF Q1 24 up 2.8% at 33.77€/MWh
    • TTF SUM 24 up 2% at 33.5€/MWh
  • Above normal temperatures in NW and central Europe are expected to continue until the end of December while Germany is expected to see record wind power output on Thursday.
  • European natural gas storage was down to 88.35% full on Dec 18 according to GIE data compared to the seasonal five year average of 76.9% with below normal withdrawal rates since Dec 8.

European LNG sendout increased to 457mcm/d on Dec 18 compared to an average of 424mcm/d so far in December.

Pipeline supplies into Europe from Norway remain strong up at 356.5mcm/d today.

  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are down slightly to 53.9mcm/d.
  • ICE TTF daily aggregate traded futures volumes were back down to 266k.

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