TTF Pulls Back on Easing LNG Risks and Mild Weather

Front month TTF has pulled back from a high of 37.35€/MWh yesterday amid slightly easing LNG risks as major shipping firms such as Maersk and CMA CGM were resuming passage through the Red Sea while near term supplies remains healthy and warm weather lingers into January.

• TTF JAN 24 down -5.1% at 33.7€/MWh
• TTF Q1 24 down -4.2% at 34.3€/MWh
• TTF SUM 24 down -4.9% at 33.7€/MWh
• TTF WIN 24 down -3.6% at 38.45€/MWh
• Temperatures in NW and central Europe are expected to gradually trend cooler during the first week of January falling back to near or even slightly below normal into the second week of the month.
• European natural gas storage was down to 87.06% full on Dec 26 according to GIE data compared to the seasonal five year average of 75% with overall storage levels almost unchanged in the previous couple of days.
• European LNG sendout edged up to 356mcm/d on Dec 26 from the lowest since October seen on Dec 23 down at 324mcm/d.
• Pipeline supplies into Europe from Norway are slightly lower at 348.8mcm/d today compared to an average of 353.3mcm/d over the previous week.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are down slightly to 55.5mcm/d.
• ICE TTF daily aggregate traded futures volumes were down to 173k yesterday.