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NATGAS: TTF Still Riding Higher Ahead of Ukraine Transit End

NATGAS
Energy BulletsBulletPower BulletsCommodities

European gas edges higher again as markets ride on the Ukrainian gas transit ending this month despite last minute attempts to try and revive a deal.

  • TTF JAN 25 up 0.2% at 45.63€/MWh
  • TTF has risen by more that 10% in the last four trading sessions, driven by the Ukraine transit issue.
  • Prices have also found support on colder weather and gas stockpiles that have depleted faster than normal.
  • Ukrainian officials including Zelensky have publicly stated they will not support Russian gas being transited unless the Kremlin will not finically benefit.
  • Russian president, Vladimir Putin met the Slovakian prime minister, Robert Fico, in the Kremlin on Sunday, a rare visit by a European Union leader to Moscow, as a contract allowing for Russian gas to transit through Ukraine nears expiry.
  • Halted flows may intensify competition for LNG with Asia though cargo availability remains fairly plentiful.
  • European gas storage was 76% full on Dec. 22 vs the 5-yr seasonal norm of 79% for this time of year according to GIE.
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European gas edges higher again as markets ride on the Ukrainian gas transit ending this month despite last minute attempts to try and revive a deal.

  • TTF JAN 25 up 0.2% at 45.63€/MWh
  • TTF has risen by more that 10% in the last four trading sessions, driven by the Ukraine transit issue.
  • Prices have also found support on colder weather and gas stockpiles that have depleted faster than normal.
  • Ukrainian officials including Zelensky have publicly stated they will not support Russian gas being transited unless the Kremlin will not finically benefit.
  • Russian president, Vladimir Putin met the Slovakian prime minister, Robert Fico, in the Kremlin on Sunday, a rare visit by a European Union leader to Moscow, as a contract allowing for Russian gas to transit through Ukraine nears expiry.
  • Halted flows may intensify competition for LNG with Asia though cargo availability remains fairly plentiful.
  • European gas storage was 76% full on Dec. 22 vs the 5-yr seasonal norm of 79% for this time of year according to GIE.