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TTF Ticks Lower as Strong Near Term Supplies Offset Winter Risks


TTF ticks lower after a rally yesterday amid cooler weather risks in Europe and Asia and after a power draw at the US Freeport LNG export terminal raised concern for supplies. Feedgas flows to the Freeport LNG terminal, however, seem unaffected according to Bloomberg data.

    • TTF DEC 23 down -1.2% at 47.3€/MWh
    • TTF Q1 24 down -1.3% at 48.75€/MWh
    • TTF SUM 24 down -1.4% at 47€/MWh
    • TTF WIN 24 down -1.2% at 50.4€/MWh
  • Temperatures in NW and central Europe remain above normal this week with a small dip back to normal later in the week. The second week of the outlook suggests near normal temperatures.
  • European LNG sendout was holding just below levels seen this time last year at 432mcm/d on 12 Nov with an average of 408mcm/d so far in November.
  • Norwegian pipeline supply to Europe is today back up to 337.9mcm/d with only small outages at Oseberg, Gullfaks and Kårstø this week.
  • European natural gas storage was back up to 99.49% full on Nov 12 according to GIE data after a return to small net injections over the weekend.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at 53.8mcm/d.
  • ICE TTF daily aggregate traded futures volumes were at 228k yesterday.

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