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TTF Steadies After Friday Surge on Middle East Tensions

NATURAL GAS

TTF is edging higher with comfortable supplies, warm weather and high storage set against risks of rising Middle East tensions. Prices surged late Friday after a Houthi attack on a Russian linked carrier in the Red Sea raised concern that attacks on Red Sea shipping are expanding and not just confined to US, UK or Israeli linked ships.

    • TTF FEB 24 up 0.8% at 28.3€/MWh
    • TTF SUM 24 up 1.2% at 29.31€/MWh
    • TTF WIN 24 up 0.9% at 34.2€/MWh
  • Temperature forecasts in NW and central Europe are showing above normal is expected for the coming week but could drift back to near normal during the second week of the outlook.
  • Norwegian pipeline supplies to Europe are stable with today nominated up to 348.3mcm/d and in line with the average seen during January.
  • European natural gas storage is still up at 72.02% full on Jan 27 according to GIE data compared to the seasonal five year average of 59.3% with net withdrawal rates declining since mid Jan.
  • European LNG sendout was down to 312mcm/d on Jan 27 compared to an average of around 384mcm/d so far in Jan.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at 40.3mcm/d.
  • ICE TTF daily aggregate traded futures volume was up at 345k on Friday.
Energy BulletsCommodities
Energy BulletsCommodities

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