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TTF Pulls Back from Recent Gains with Warmer Weather Next Week

NATURAL GAS

TTF is losing some of the gains from yesterday after a rally from around 43€/MWh on 30 March up to a peak of 51.75€/MWh yesterday.

    • TTF MAY 23 down -5.2% at 48.7€/MWh
    • TTF WIN 23 down -4.3% at 60.2€/MWh
    • TTF SUM 24 down -4.4% at 57.1€/MWh
  • The latest weather forecasts show the cold weather in NW Europe this week easing with temperatures moving back just above normal over the coming weekend. Low wind generation expected throughout the coming week is supportive of gas demand.
  • European LNG net import flows are stable at around 400mcm/d with sendout from the three Elengy LNG terminals nominated to resume tomorrow following the French strike disruption.
  • European gas in storage is at 55.71% according to GIE data from 2 Apr with small gas injections in line with the seasonal normal.
  • Norwegian imports are today nominated up near the highs of the year at 342.40mcm/d but output could fall next week due to planned maintenance at several facilities. Gas transit flows through Ukraine are today nominated at 41mcm/d and Algeria gas flow to Italy at Mazara are higher at 83.5mcm/d.

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