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TTF Pulls Back to Flat After Earlier Surge Higher

NATURAL GAS

TTF pulls back to flat on the day after the earlier front month surge up to 42.5€/MWh with current supply fundamentals unchanged.

  • TTF front month is still holding well above levels around 30€/MWh seen earlier this month on concerns that around 10% of LNG supply may be impacted by potential industrial action in Australia.
  • Offshore workers at Woodside Energy-run gas platforms off Western Australia may vote as early as Thursday on industrial action after critical talks with the company appear to devolve into acrimony according to union sources.
  • The JKM-TTF front month spread is currently around 0.4$/mmbtu with the US netback to Europe for October at 11.11$/mmbtu and just below the netback to Aisa at 11.8$/mmbtu.
    • TTF SEP 23 down -0.2% at 38.75€/MWh
    • TTF WIN 23 down -1.2% at 52.78€/MWh
    • TTF SUM 24 down -0.8% at 53.46€/MWh
    • TTF WIN 24 down -1.7% at 55.8€/MWh

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