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TTF Steady After Gains on Tighter LNG Supply and Cooler Weather

NATURAL GAS

TTF front month is holding steady today after gaining ground back above €30/MWh this week amid tighter LNG supply risks due to Red Sea tanker diversions and with the forecast of cooler weather towards the middle of February.

    • TTF MAR 24 up 0% at 30.25€/MWh
    • TTF SUM 24 down -0.2% at 30.7€/MWh
  • NW and central Europe are forecast to see mild weather continue through the first week of February before temperatures fall back to near normal from around Feb 12.
  • Nominations for Norwegian pipeline supplies to Europe are today at 345.7mcm/d after falling to 333.8mcm/d yesterday amid unplanned works at Kollsnes due to process problems.
  • European natural gas storage remains above normal at 70.6 full on Jan 30 according to GIE data compared to the seasonal five year average of 57.6%. Net withdrawals have edge higher this week but remain below normal rates.
  • European LNG sendout was holding steady at 359mcm/d on Jan 30 compared to an average of about 381mcm/d during Jan.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is up again to 64.5mcm/d today.
  • ICE TTF daily aggregate traded futures volume was yesterday at 319k.

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