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TTF Steadies After Falling to Lowest Since June Amid Warm Weather

NATURAL GAS

TTF front month steadies after falling yesterday to the lowest since early June as warm weather continues to limit heating demand and storage levels remain high.

    • TTF MAR 24 up 1% at 23.95€/MWh
    • TTF SUM 24 up 0.6% at 24.5€/MWh
    • TTF WIN 24 up 1% at 28.99€/MWh
  • Above normal temperatures are expected to continue across much of Europe throughout February and potentially into the start of March.
  • Net European gas storage is above the previous five year range highs at 65.32% full on Feb 18 according to GIE data compared to the seasonal five year average of 49.0% amid low withdrawal rates.
  • Norwegian pipeline supplies to Europe are today unchanged at 339.5mcm/d amid a planned capacity reduction at Karsto until late April.
  • European LNG sendout was relatively unchanged on the day at 328mcm/d on Feb 18 according to Bloomberg compared to flows of around 420mcm/d this time last year.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today down at 39.3m/d.
  • ICE TTF daily aggregate traded futures volume was yesterday at 268k.

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