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TTF Recovering Ground on Cooler Weather and Strong Withdrawals

NATURAL GAS

TTF has regained ground after reaching a low of 39.75€/MWh on Nov 29 but still down on the week. Prices have recovered amid a slightly cooler weather forecast and with high storage withdrawals due to the cold this week.

    • TTF JAN 24 up 1.9% at 42.9€/MWh
    • TTF Q1 24 up 2.3% at 43.34€/MWh
    • TTF SUM 24 up 1.8% at 42.2€/MWh
    • TTF WIN 24 up 1.4% at 46.14€/MWh
  • Temperatures in NW and central Europe are expected to warm up from the cold weather this week but temperatures next week have cooled slightly from previous forecasts. NW Europe is currently forecast to return near to normal from around Dec 8.
  • European LNG sendout dipped slightly back to 432mcm/d on Nov 29 after reaching the highest since May 5 at 478mcm/d the previous day.
  • Norwegian pipeline supplies to Europe are relatively unchanged today near the highs of the year at 351.8mcm/d.
  • European natural gas storage is down to 95.93% full on Nov 29 according to GIE data compared to the seasonal five year average of 85.2% with withdrawal rates rising this week.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 62.1mcm/d.
  • ICE TTF daily aggregate traded futures volumes were yesterday back below normal at 209k.

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