TTF Steady as Warm Weather to Ease Demand

TTF front month has again opened lower today with above normal temperatures expected to help limit gas consumption over the coming two weeks. The market remains above the lows from Friday at 52.75€/MWh.

• TTF FEB 23 down -0.3% at 55.25€/MWh
• TTF SUM 23 down -1.2% at 56€/MWh
• The warm weather continues to help ease winter supply concerns and taken pressure off summer prices with the potential for healthier stock levels at the end of the winter heating season. European gas storage was at 72.46% on 28 Jan according to GIE compared to the five year average of 54%.
• The risk of supply disruptions, competition from Asia for LNG supplies and late winter cold weather could still add to upside price risks. LNG supplies to Europe increased up to nearly 480mcm/d early last week due to the higher heating demand but have since eased lower again.
• Norwegian imports to Europe at today nominated at 320mcm/d as supply returns following field outages although remains below the start of the year levels. Russian gas supplies through Ukraine are unchanged at 23.2mcm/d.