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TTF Reverses Earlier Gains back Towards Flat on the Day

NATURAL GAS

TTF falls back towards flat on the day with high storage levels over 98% and little sign of below normal temperatures for most of Europe limiting early winter demand as the market continues to watch for any escalation of Middle East tensions.

  • The gas curve prices have also traded lower and now down on the day but with spreads still generally supported by winter risks from cold weather and any increase in LNG demand from Asia. Shell has accelerated spot LNG purchases for this winter, as the firm bought four LNG shipments for December delivery to North Asia on Wednesday and Thursday according to S&P’s MOC.
  • US LNG exports were more profitable to Asia in December, January 2024 and February 2024 according to BNEF before the TTF open today.
  • The TTF front month 30 day historical is holding around 108% this week.
    • TTF NOV 23 up 0.4% at 50.35€/MWh
    • TTF Q1 24 down -0.2% at 56.6€/MWh
    • TTF SUM 24 down -0.5% at 54.5€/MWh
    • TTF WIN 24 down -0.5% at 57.3€/MWh
    • TTF SUM 25 down -1.9% at 43.5€/MWh
    • TTF Q124-NOV 23 down -0.3€/MWh at 6.25€/MWh
    • TTF Q125-TTF Q124 up 0.3€/MWh at 1.44€/MWh
Energy BulletsCommodities
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