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BRENT TECHS

(H3) Watching Support At The 20-Day EMA

USDCAD TECHS

Bear Threat Still Present

EUROZONE ISSUANCE

EGB Supply - W/C January 23, 2023

AUDUSD TECHS

Heading North

EURJPY TECHS

Resistance Remains Exposed

BTP TECHS

(H3) Uptrend Intact While Support Holds

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TTF Rebounds After 36% Fall This Month

NATURAL GAS

TTF prices have rebounded today after a consistent fall since mid last week. TTF front month has fallen 36% since the start of the month. The easing of upside risks due to warm weather in October, high storage levels and strong LNG supply have brought prices down, but upside risks remain.

  • Europe is now heavily reliant on LNG supplies and has little spare capacity to increase imports until more new LNG import terminals come online. Risks to energy infrastructure and possible cold winter weather risks could add to the upside pressures.
  • EU members are increasing efforts to reduce consumption and meet the EU 15% reduction target while they try to agree a package of emergency measures to protect against further energy prices surges.
    • TTF NOV 22 up 6% at 120€/MWh
    • TTF SUM 23 up 3.1% at 144€/MWh
    • TTF WIN 23 up 1.9% at 140€/MWh
    • TTF SUM 24 up 1.8% at 99.85€/MWh
    • TTF WIN 24 up 0.4% at 97.6€/MWh

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