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TTF Rebounds

NATURAL GAS

TTF is trading higher today with front month TTF rising to the highest level since 21 December, supported by forecasts for colder weather in the second week of January, ongoing shipping risks in the Red Sea and potential disruptions from the US amid a force majeure at the pipeline delivering gas to the Sabine Pass LNG facility.

    • TTF JAN 24 up 4.7% at 35.78€/MWh
    • TTF Q1 24 up 5.2% at 36.18€/MWh
    • TTF SUM 24 up 4.1% at 35.5€/MWh
  • Concerns over shipping in the Red Sea continue to support crude markets. On Tuesday Houthi revels attacked the MSC United VIII container ship that was headed for Pakistan. Despite that, major shipping firms such as Maersk and CMA CGM were resuming passage through the Red Sea. Hapag-Lloyd will decide today whether to resume Red Sea shipping.
  • Kinder Morgan's NGPL issued a force majeure that is impacting LNG deliveries to the Sabine Pass liquefaction plant, Reuters reported on 26 December.
  • Latest weather forecasts expect above-normal temperatures across NW Europe through the first week of January. Temperatures are forecast to fall below the average from 10 January.
  • European natural gas storage stood at 87.08% as of 25 December, above the five-year average of 75.106% according to GIE.
  • LNG sendout to North West Europe stood at 218.97mcm/d as of 21 December, 18% below the 30-day average according to Bloomberg.
  • Pipeline supplies into Europe from Norway remain strong up at 353.9mcm/d today.
  • Gas transit flows through Ukraine are at 40.5mcm/d today.
  • ICE TTF daily aggregate traded futures volumes were back down to 182.39k.
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