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TTF Resumes Decline as Warm Weather Continues

NATURAL GAS

European gas resumes the decline following the rally higher late last week. Warm weather at the start of the winter heating season have helped reduce demand but cold weather risks could still impact the EU ability to reach their 15 % consumption reduction aim.

  • TTF DEC 22 down -5% at 132.42€/MWh
  • Weather forecasts show temperatures in NW Europe falling slightly into November but are still expected to be above normal throughout the current two week forecast period.
  • Norwegian output is today estimated at 307.9mcm/d with small supply reduction due to works at Oseberg and Karsto. Gas supplies flowing through Ukraine at steady at 42.4mcm/d.
  • LNG imports to Europe were approximately 370mcm/d last week with current warm weather easing the pressure on supplies. European gas storage is now up at 94.34% compared to the seasonal normal peak of 89% ahead of the winter season.
Energy BulletsCommodities
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