TTF Steady With the Return of Warm Weather Expected

European gas is steady after falling yesterday as the weather forecast shows the return to warm weather in NW Europe from 10 Feb is likely to stay throughout next two weeks.

• TTF MAR 23 up 0.4% at 55.63€/MWh
• TTF SUM 23 up 0.7% at 57.83€/MWh
• TTF WIN 23 up 0.3% at 65.7€/MWh
• Low demand, healthy LNG supplies and high storage levels have helped to significantly reduce European energy security concerns for this winter. Global competition for limited LNG supplies is helping to maintain Sum23 and Win23 contracts above the front month.
• European storage levels remain above normal at 69.49% on 6 Feb compared to the seasonal normal of 49.4%.
• Total European LNG net imports flows were steady at 402mcm/d on 5 Feb as the market waits for further signs for the timing of the restart of the US Freeport LNG export terminal.
• Norwegian supplies are largely unchanged from yesterday at 331.3mcm/d and Ukraine transit flows are slightly higher at 30.8mcm/d.