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TTF Opens Lower as Warm Temperatures Ease into Mid July


TTF front month has opened lower today with warm weather over this weekend cooling back towards normal towards the middle of July. An extension to works at Troll this week had yesterday supported front month up to a high of 36.25€/MWh.

    • TTF AUG 23 down -2.4% at 33.56€/MWh
  • Tight supply amid Norway maintenance and lower LNG imports has combined with warmer than normal weather forecast in July to drive market volatility. Historic 30 day volatility for front month TTF is still up near the highest since Apr 2022 at around 141%.
  • LNG sendout to Europe remains low down at an average of about 310mcm/d in early July compared to an average of 380mcm/d seen in June.
  • Pipeline imports from Norway continue to slowly recover up to 255.8mcm/d today with the main current outages expected to continue into next week.
  • Gas in store was up to 78.88% full on 4 July according to GIE data compared to the five year average of 63.0 despite injection rates about 22% below normal over the last week.
  • Gas transit flows through Ukraine are today up to 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 63.2mcm/d.

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