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TTF Retreats Further on Easing Fears for the Gas Balance

NATURAL GAS

European gas markets continue to pull back after France and Germany ease fears regarding the impact of reduced Russian gas supplies. The German regulator suggested the gradual build in storage, lower demand, new LNG terminals and supplies from other European nations will help the gas balance.

    • TTF OCT 22 down -5% at 228€/MWh
    • TTF WIN 22 down -1.4% at 234€/MWh
  • Nord Stream is in the middle of the planned outage with focus on whether flows will resume on Saturday. Russia continues to blame the recent reduced flows on the impact of sanctions on their ability to carry out turbine maintenance.
  • Gas supply through Ukraine is today at 42.3mcm/d while supply from Norway is still curtailed down to 303mcm/d today due to ongoing field and terminal maintenance.
  • European storage is now over the Nov 1 target at 80.43% with Germany up to 84.03%, Italy at 82.26%, France at 91.68% and Netherlands at 77.33%.

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