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TTF Steady after Ticking Higher all Week

NATURAL GAS

TTF is trading slightly down on the day by 0.55% to 132.6€/MWH after trading up 6€/MWH yesterday. Concerns of further disruption to Russian supply or an extended period of reduced flows continues to drive prices higher.

  • Russian supply is stable today with flows through Ukraine at 42.1mcm/d and Nord Stream at 64.65mcm/d. Flows remain significantly below pre-war normal levels of up to approximately 108mcm/d and 167mcm/d.
  • LNG imports remain strong for the time of year but the replenishment of European storage is stalling with tight supply and high prices limiting injections. Storage levels have actually fallen slightly today to 54.77% with Germany at 58.92%, Italy at 55.56%, France at 58.97% and Netherlands at 49.65%.
  • Norwegian supply has recovered slightly after the return of some fields from maintenance but a continuing outage at Ormen Lange is keeping nominations at 311.1mcm/d today.
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