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TTF Pulls Back Amid a Warmer Forecast for Later in Jan


TTF pulls back from the highs of 32.225€/MWh seen on Friday with a warmer weather forecast for next week and gas storage still well above normal to offset Middle East escalation risks.

    • TTF FEB 24 down -4.5% at 30.54€/MWh
    • TTF SUM 24 down -4.2% at 30.59€/MWh
    • TTF WIN 24 down -3.1% at 35.2€/MWh
  • Temperatures in NW Europe are expected to warm back above normal over the coming weekend after cold this week with central Europe also warming into the second week of the outlook.
  • Norwegian pipeline supplies to Europe are down at 339.3mcm/d today due to unplanned outages today at Aasta Hansteen and Dvalin amid process problems.
  • European natural gas storage was down to 79.72% full on Jan 13 according to GIE data compared to the seasonal five year average of 68.3%. Net withdrawal rates have fallen back below normal after surging above normal last week.
  • Net European LNG import sendout to NW Europe and Iberia dipped late last week from the highs seen earlier in the week. Total European sendout was back down to 390mcm/d from a peak of 509mcm/d on Jan 9 according to Bloomberg.

  • Gas transit flows through Ukraine are at 40.5mcm/d today and Algeria gas flow to Italy at Mazara dip to 45.9mcm/d.
  • ICE TTF daily aggregate traded futures volumes yesterday were 251k.

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