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TTF Reverses Earlier Decline on Tighter Market Fears

NATURAL GAS

TTF market volatility continues with front month regaining all earlier losses to move back positive on the day and extend the rally from yesterday.

  • Tighter market concerns are driving the higher prices due to the extended Norwegian maintenance, with added support from warm weather increasing cooling demand and potential LNG competition from Asia.
  • Commodity Weather Group forecast Europe to see the hottest June in more than 40 years and should remain hot and dry throughout summer, boosting cooling demand according to Montel.
  • The extended Norwegian outages “moderate softening risks for the balance of summer, it doesn't fully offset them” according to a Goldman Sachs note this morning. They see summer to date has been softer than expected and risks to their bullish end-summer TTF forecasts remain skewed to the downside.
    • TTF JUL 23 up 6.4% at 38.37€/MWh
    • TTF WIN 23 up 5.5% at 53€/MWh
    • TTF SUM 24 up 4.7% at 51€/MWh
    • TTF WIN 24 up 4.1% at 54€/MWh
Energy BulletsCommodities
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