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TTF Regains Ground Amid High Gas Storage Withdrawals

NATURAL GAS

TTF is regaining ground with strong storage withdrawals and warmth next week expected to be fairly short lived. Earlier this week front month fell to the lowest since early October at 37.75€/MWh.

    • TTF JAN 24 up 3.1% at 41.19€/MWh
    • TTF Q1 24 up 3.5% at 41.65€/MWh
    • TTF SUM 24 up 3.4% at 40.79€/MWh
    • TTF WIN 24 up 2.8% at 44.85€/MWh
  • Temperatures in NW and central Europe are forecast above normal next week after warming over the weekend. They are however forecast to cool back to near normal from the middle of December.
  • European natural gas storage is back within the previous five year range at 92.15% full on Dec 6 according to GIE data after recent high withdrawal rates. The seasonal five year average is 82.25%.
  • European LNG sendout remains strong at 474mcm/d on Dec 6 with the average so far in Dec at 454mcm/d.
  • Pipeline supplies into Europe from Norway up again to 351.2mcm/d but could dip slightly from Dec 10 amid further planned works at the Dvalin field.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 58.5mcm/d.
  • ICE TTF daily aggregate traded futures volumes were yesterday at 239k.

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