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TTF Rises Above 30%, Highest Since 20 June

NATURAL GAS

TTF front month continued to surge to the highest level since 20 June given an outage extension at the Ormen Lange field in Norway and increasing LNG supply risks amid possible strike action at Australian LNG facilities, highlighting the sensitivity to possible supply disruptions.

  • TTF SEP 23 up 30.22% at 40.455€/MWh
  • Prices peaked at €40.625/MWh.
  • Workers at Woodside and Chevron LNG platforms and facilities in Australia have voted to strike, threatening to disrupt LNG supply, meaning the workforce can cease operations with seven days’ notice.
  • Ormen Lange gas works with a capacity reduction of 19.3mcm/d have been delayed by 4 days to Aug 19.

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