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TTF Rebounds on Middle East Conflict

NATURAL GAS

TTF is rebounding and has risen to a new intra-day high driven further escalation in the Israel conflict as battles between Israel’s military and Hamas are intensifying, while Russia’s Wagner group may provide air defense weapons to Hezbollah according to US Intelligence. Front month traded lower earlier in the session due to bearish short term fundamentals and the resumption of Israel’s gas flows to Egypt.

    • TTF DEC 23 up 1.9% at 48.66€/MWh
    • TTF Q1 24 up 1.1% at 50.45€/MWh
  • Prime Minister Benjamin Netanyahu said on Thursday that Israeli forces had pushed further in than the outskirts of Gaza City in their assault on Hamas militants in the northern half of the Gaza Strip according to Reuters. Israel said it is fighting ‘face-to-face battles’ with Hamas as its troops move deeper into Gaza according to the NY Times.
  • RUSSIA’S WAGNER GROUP MAY PROVIDE AIR DEFENSE WEAPON TO HEZBOLLAH, U.S. INTEL SAYS - WSJ.

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