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TTF Removes Gains

NATURAL GAS

TTF front month is trading lower and has removed earlier gains driven by reports that Israel’s military has entered northern Gaza. Mild weather in the short term, paired with near-full storages and sufficient supplies from LNG imports and Norwegian gas pipelines flows are offering downside.

    • TTF NOV 23 down -0.2% at 49.83€/MWh
    • TTF Q1 24 up 0.3% at 54.31€/MWh
    • TTF SUM 24 up 0.2% at 52.2€/MWh
  • Latest weather forecasts show above seasonal norm temperatures for the week ahead before dipping below averages in early November.
  • The Israel-Hamas conflict escalated further overnight – with confirmation that the Israeli military had put a “relatively large” contingent of troops and tanks into northern Gaza in order to attack several Hamas militant targets in the area. While the incursion at present looks short of a full ground operation in the territory, it has caught markets by surprise given US pressure on the Israeli government to delay and full invasion.

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