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TTF Pushing Lower Despite Small Norwegian Outage

NATURAL GAS

TTF extends the trend lower with high storage and strong supplies despite an expected small reduction of about 6mcm/d to Kollsnes output expected today.

  • Norwegian supply is expected to edge lower today with an external power supply failure at Kollsnes resulting in the reduced output. The outage is expected to end by Wednesday.
  • The planned maintenance at the Gullfaks field with an expected reduction of 15.3mcm/d has been postponed from 2-3 March to 23 March.
  • The front of the curve continues to fall faster than futures seasons with concern for stronger demand from China later this year creating more competition for LNG supplies.
    • TTF MAR 23 down -3.8% at 48€/MWh
    • TTF SUM 23 down -3.6% at 48.78€/MWh
    • TTF WIN 23 down -2.5% at 56.44€/MWh
    • TTF SUM 24 down -2.6% at 52.53€/MWh
    • TTF WIN 24 down -2.5% at 54.53€/MWh
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