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TTF Regains Earlier Losses As Volatility Continues

NATURAL GAS

Volatility in TTF markets continues with front month regaining losses from a low of around 30.2€/MWh earlier today.

  • TTF markets remain sensitive to supply risks with ongoing restrictions to Norwegian imports and curtailed US LNG imports while ongoing warm weather is likely to support cooling demand. Higher storage levels and above normal LNG sendout are added downside pressure.
  • Competition for supply from Asia is an added risk although demand in Asia remains muted by high storage. The JKM-TTF front month spread has fallen back to +0.25$/mmbtu from a high of +1.3$/mmbtu earlier today.
  • The Q1 2024 premium to Q3 2023 is holding around 17.25€/MWh with upside winter risks from cold weather, LNG competition from Asia and a recovery in European industrial demand.
    • TTF JUL 23 down -1.5% at 34.48€/MWh
    • TTF WIN 23 down -0.5% at 50.35€/MWh
    • TTF SUM 24 down -1.1% at 49.01€/MWh
    • TTF WIN 24 down -0.6% at 52.15€/MWh
Energy BulletsCommodities
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