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TTF Resumes Rally to Highest Since Mid April

NATURAL GAS

TTF resumes the strong rally with front month up to the highest since mid April with warm weather boosting cooling demand and with an extended Norwegian maintenance season.

  • The rally in TTF has driven the US LNG netbacks firmly back in favour of flows to Europe over Asia. The profitability of US LNG to Europe was 8.62$/mmbtu and to Asia was 5.91$/mmbtu according to Bloomberg before the TTF open today.
  • Demand in Asia remains weak due to high inventories and muted industrial activity.
    • TTF JUL 23 up 9.3% at 41.88€/MWh
    • NBP JUL 23 up 9.3% at 104.4p/th
    • JKM Jul 23 up 0.9% at 9.4$/mmbtu
    • JKM-TTF Jul 23 down -0.7$/mmbtu at -3.76$/mmbtu
    • US Natgas JUL 23 down -0.2% at 2.34$/mmbtu

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