TTF Retreats From Earlier Highs

An earlier TTF rally pushing intraday prices to a twelve-day high, caused by forecasts for colder weather and an extension to strikes at French LNG terminals, has failed to sustain as Europe comes to an end of its winter heating season unscathed.

• The TTF front-month contract rallied to €45.425/MWh, the highest level since 17 March before easing back to below-opening levels.
• Sustained demand destruction and the restart of the Freeport LNG terminal are weighing on European prices with little demand from Asia for Spot LNG cargoes at present.
• LNG flows to Northwest Europe on March 26 were 255.73 mcm/d, in line with the 30-day average.
• LNG flows to Europe remain stable despite a further strike extension at Elengy’s three LNG terminals in France until 31 March.
• European gas storage was 56% full on March 27 vs the 5-yr seasonal norm of 34% for this time of year, GIE data show.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 340.60 mcm/d vs 5-day moving avg 324.88 mcm/d, Gassco data show.
• TTF APR 23 down -0.8% at 42.43€/MWh
• JKM-TTF Apr 23 up 0.1$/mmbtu at -0.98$/mmbtu