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TTF Resumes Decline Due to Low Heating Demand

NATURAL GAS

Downwards pressure is again back on TTF this morning after prices saw a recovery late yesterday. Temperatures had started to show signs of drifting back towards normal at the end of the forecast period, but the latest outlook maintains above normal temperatures throughout the next two weeks.

    • TTF FEB 23 down -4.7% at 69€/MWh
    • TTF SUM 23 down -5.2% at 71€/MWh
  • Norwegian supply is holding up at 338.3bcf/d with the expectation of high supplies in 2023 after seeing an increase during 2022 according to the Norwegian Ministry of Petroleum and Energy.
  • European storage has been holding steady since 20 Dec with the latest GIE data showing stores at 83.35% on 4 Jan compared to the five year average of 68.7%. Gas in store in Germany is at 90.76% full, Italy at 81.94%, France at 83.67% and Netherlands at 77.06.
  • Total net LNG supplies to Europe were at 432mcm/d on 3 Jan while Russian gas flows via Ukraine have dipped slightly again to 35.5mcm/d today.

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