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TTF Resumes Trend Lower

NATURAL GAS

TTF front month is continuing the bearish trend and is easing back after a second vessel attack from Houthi rebels in the Red Sea offered some support to prices yesterday. Steady LNG and Norwegian pipeline supplies, high stock levels, paired with lower demand and forecasts for mild weather continue to weigh on prices.

    • TTF JAN 24 down -2.1% at 35.07€/MWh
    • TTF Q1 24 down -2% at 35.35€/MWh
    • TTF SUM 24 down -1.9% at 35.12€/MWh
    • TTF WIN 24 down -1.5% at 40.11€/MWh
  • Above normal temperatures are still forecast for NW and central Europe for most of December.
  • European natural gas storage was down to 90.9% full on Dec 12 according to GIE data compared to the seasonal five year average of 79.6% with warm weather driving smaller than normal withdrawals this week.
  • European LNG sendout dipped slightly to 385mcm/d on 12 December, from 400mcm/d the day before. Imports remain below levels seen last year.
  • Pipeline supplies into Europe from Norway are today up to 356.5mcm/d and still above the five-year average.
  • Libyan natural gas flows to Italy’s Gela terminal are currently halted on an unplanned outage. Flows are scheduled to gradually resume on Friday.
  • ICE TTF daily aggregate traded futures volumes were yesterday at 232.9k.
Energy BulletsCommodities
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