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NATGAS: TTF Set for Net Weekly Decline as Weather Warms Next Week

NATGAS

TTF is down from the previous close but just above the low of $43.87/MWh yesterday with prices set for a net weekly decline as Europe overall appears to be coping with the loss of Russian pipeline gas supplies. LNG imports have risen and storage withdrawals are near normal while temperatures in NW Europe are expected to recover next week.

  • Temperatures in NW Europe are forecast below normal into early next week before rising just above normal from Jan. 15 and through the following week to help ease demand pressure.
  • European LNG sendout was down on the day to 387mcm/d on Jan. 8 but still above the average of 353mcm/d from the previous week.
  • European gas storage has fallen to 68.24% full on Jan. 8, according to GIE, compared to the previous five year average of 74.3% amid near normal withdrawal rates this week.
  • Norwegian pipeline supplies to Europe are nominated back up to 331.7mcm/d today, according to Bloomberg. Gassco shows unavailable capacity falling back to 20mcm/d tomorrow.
  • Algeria gas flow to Italy at Mazara are holding at 58.9mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 374k on Jan. 9.
    • TTF FEB 25 down 1.6% at 44.26€/MWh
    • TTF SUM 25 down 1.3% at 44.59€/MWh
    • TTF WIN 25 down 0.5% at 42.63€/MWh
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TTF is down from the previous close but just above the low of $43.87/MWh yesterday with prices set for a net weekly decline as Europe overall appears to be coping with the loss of Russian pipeline gas supplies. LNG imports have risen and storage withdrawals are near normal while temperatures in NW Europe are expected to recover next week.

  • Temperatures in NW Europe are forecast below normal into early next week before rising just above normal from Jan. 15 and through the following week to help ease demand pressure.
  • European LNG sendout was down on the day to 387mcm/d on Jan. 8 but still above the average of 353mcm/d from the previous week.
  • European gas storage has fallen to 68.24% full on Jan. 8, according to GIE, compared to the previous five year average of 74.3% amid near normal withdrawal rates this week.
  • Norwegian pipeline supplies to Europe are nominated back up to 331.7mcm/d today, according to Bloomberg. Gassco shows unavailable capacity falling back to 20mcm/d tomorrow.
  • Algeria gas flow to Italy at Mazara are holding at 58.9mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 374k on Jan. 9.
    • TTF FEB 25 down 1.6% at 44.26€/MWh
    • TTF SUM 25 down 1.3% at 44.59€/MWh
    • TTF WIN 25 down 0.5% at 42.63€/MWh