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TTF Reverses Earlier Gains to Trade Negative on the Day

NATGAS

Front month TTF has reversed earlier gains to trade negative on the day but still just net higher on the week amid escalating Middle East tensions.

  • Prices had earlier surged towards the high from earlier this week near €34/MWh following reports that Israel has launched strikes on Iran in response to last weekend's missile attacks. Details surrounding reports of explosions in the Iran city of Isfahan are unclear with reports of three drones observed in the sky.
  • Geopolitical risk is adding a premium to energy markets but no physical changes in flows have been seen due to the conflict. Tepid gas demand and high seasonal storage levels continue to weigh on gas prices after a strong start to the summer injections season.
  • The TTF May 24 – Q3 24 spread is steady at -0.55€/MWh after narrowing last week while the Q3 24 – Q1 25 spread is slightly wider at around -5.5€/MWh.
    • TTF MAY 24 down 2.7% at 31.43€/MWh
    • TTF Q3 24 down 2.9% at 31.85€/MWh
    • TTF WIN 24 down 2.4% at 36.51€/MWh
    • TTF SUM 25 down 2.8% at 33.72€/MWh
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Front month TTF has reversed earlier gains to trade negative on the day but still just net higher on the week amid escalating Middle East tensions.

  • Prices had earlier surged towards the high from earlier this week near €34/MWh following reports that Israel has launched strikes on Iran in response to last weekend's missile attacks. Details surrounding reports of explosions in the Iran city of Isfahan are unclear with reports of three drones observed in the sky.
  • Geopolitical risk is adding a premium to energy markets but no physical changes in flows have been seen due to the conflict. Tepid gas demand and high seasonal storage levels continue to weigh on gas prices after a strong start to the summer injections season.
  • The TTF May 24 – Q3 24 spread is steady at -0.55€/MWh after narrowing last week while the Q3 24 – Q1 25 spread is slightly wider at around -5.5€/MWh.
    • TTF MAY 24 down 2.7% at 31.43€/MWh
    • TTF Q3 24 down 2.9% at 31.85€/MWh
    • TTF WIN 24 down 2.4% at 36.51€/MWh
    • TTF SUM 25 down 2.8% at 33.72€/MWh