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TTF Sets New Weekly High Amid Troll Capacity Reductions

NATURAL GAS

Near term TTF extends gains through the highs from earlier this week amid more maintenance outages at Troll to offset the impact of high storage levels and low industrial demand.

  • Norway’s Troll have announced another three day of works in addition to the initial planned maintenance, reducing capacity by 17.5mcm/d until 16 August according to Gassco.
  • TTF rallied yesterday with markets still sensitive to supply risks after additional maintenance at Troll reducing output by 12mcm/d was yesterday extended for another day into Thursday. The exact duration remains uncertain.
  • Competition for LNG supplies remains an additional risk amid falling supplies into Europe, although the strength in European gas prices has driven the front month JKM-TTF spread down from about +2.9$/mmbtu last week back below +1$/bbl today
    • TTF SEP 23 up 6.7% at 30.67€/MWh
    • TTF WIN 23 up 0.6% at 45.65€/MWh
    • TTF SUM 24 up 0.9% at 48.5€/MWh
    • TTF WIN 24 up 0.7% at 52.4€/MWh

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