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NATGAS: TTF Pulls Back From High of €51/MWh

NATGAS
CEEMEAEnergy BulletsBulletPower BulletsCommodities

TTF front month has eased back from a high of €51/MWh last week amid a recovery in LNG supply but with prices still supported by cold weather in NW Europe and strong storage withdrawals after the halt to gas transit flows via Ukraine. 

  • Temperatures in NW Europe are forecast to drift lower in the coming days and remain just below normal through mid Jan.
  • Well above normal storage withdrawal rates since Dec. 25 weigh on overall stores taking current levels down to 70.33% full on Jan. 4, according to GIE, compared to the previous five year average of 76.2%.
  • NW European LNG sendout was back up to 220mcm/d on Jan . 4 compared to average of 196mcm/d over the previous week.
  • Norwegian pipeline supplies to Europe are 335.8mcm/d today, according to Bloomberg. Gassco shows an increase in unavailable capacity in the coming days up to 36mcm/d of outages on Jan. 8.
  • Algeria gas flow to Italy at Mazara are up to the highest since late November at 60.4mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 209k on Jan. 3.
    • TTF FEB 25 down 1.8% at 48.75€/MWh
    • TTF SUM 25 down 1.8% at 47.85€/MWh
    • TTF WIN 25 down 1% at 45€/MWh
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TTF front month has eased back from a high of €51/MWh last week amid a recovery in LNG supply but with prices still supported by cold weather in NW Europe and strong storage withdrawals after the halt to gas transit flows via Ukraine. 

  • Temperatures in NW Europe are forecast to drift lower in the coming days and remain just below normal through mid Jan.
  • Well above normal storage withdrawal rates since Dec. 25 weigh on overall stores taking current levels down to 70.33% full on Jan. 4, according to GIE, compared to the previous five year average of 76.2%.
  • NW European LNG sendout was back up to 220mcm/d on Jan . 4 compared to average of 196mcm/d over the previous week.
  • Norwegian pipeline supplies to Europe are 335.8mcm/d today, according to Bloomberg. Gassco shows an increase in unavailable capacity in the coming days up to 36mcm/d of outages on Jan. 8.
  • Algeria gas flow to Italy at Mazara are up to the highest since late November at 60.4mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 209k on Jan. 3.
    • TTF FEB 25 down 1.8% at 48.75€/MWh
    • TTF SUM 25 down 1.8% at 47.85€/MWh
    • TTF WIN 25 down 1% at 45€/MWh