TTF Recovers with Support from Possible Warm Weather in Europe and Asia

TTF recovers back near flat the day from a low of just below 32€/MWh earlier with the potential return of warmer weather during next week and with some signs of support for demand in Asia.

• The latest weather forecast suggests near normal weather in NW and central Europe until early next week could limited cooling demand although later next week could see an increase in temperatures back above normal again.
• LNG imports have dipped this month but are still above normal despite spreads slightly encouraging US flows to Asia over Europe. Hotter than normal temperatures in northeast Asia and the potential for lower supplies due to Prelude terminal maintenance could help support Asian LNG competition although current demand remains muted.
• The Q1-Q3 spread is holding steady at around 17.7€/MWh compared to a low of 17.3€/MWh yesterday with tight supply risks supporting winter prices.
  • TTF JUL 23 up 0.2% at 34.21€/MWh
  • TTF WIN 23 up 0.3% at 49.67€/MWh
  • TTF SUM 24 up 0.8% at 49.4€/MWh