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TTF Prices Ease as Rhine Level Expected to Rise

NATURAL GAS

TTF easing off today after setting record highs earlier in the week.

  • TTF SEP 22 down -1.9% at 236.5€/MWh
  • TTF WIN 22 down -2.2% at 239.01€/MWh
  • Low water levels on the Rhine are expected to pick up over the weekend to help ease diesel and coal transportation and start to remove any extra pressure on gas demand. The drought impact on gas demand remains with baseload hydroelectric output in Spain and Portugal at historical lows.
  • Russian gas supply to Europe is steady at the reduced rates as European nations try to maintain storage injections ahead of the winter. Nord Stream is today nominated at 31.9mcm/d while flow through Ukraine is at 42.1mcm/d.
  • Norwegian output is still slightly reduced due to maintenance with nominations at 321mcm/d.
  • European storage is now up to 75.88% full as of Aug 17.

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