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TTF Ticks Higher on Higher Demand Next Week

NATURAL GAS

European gas prices are ticking higher with cooler temperatures and declining wind power generation into next week supporting gas demand expectations. Upside moves are limited with temperatures currently looking likely to recover back higher during the second week of the forecast.

  • TTF FEB 23 up 1.9% at 68.05€/MWh
  • TTF SUM 23 up 2.4% at 71.4€/MWh
  • TTF WIN 23 up 1.9% at 77€/MWh
  • High European storage levels are helping to limit any upside market moves with total European supplies at 82.33% according to GIE data for 11 Jan.
  • LNG supplies into Europe are back up to around 400mcm/d with the Asian premium to TTF declining slightly but still encouraging spot flows to Asia.
  • Norwegian imports are today nominated slightly lower at 336.5mcm/d due to small outages at Oseberg and Gullfaks. Several field and processing plant planned outages later this month could impact supplies from 18 Jan.
  • Russian gas supplies through Ukraine are unchanged at 35.5mcm/d.

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