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NATURAL GAS
The TTF Dec23 - Q1 2024 spread has drifted slightly lower as front month has fallen with strong near term supplies from Norway and LNG imports helping to offset the cooler weather in Europe this week. The spread has drifted down from around -0.9€/MWh late last week to -1.1€/MWh today.
- The Q1 2024 - Q1 2025 has also fallen to the spread low of -4.0€/MWh on easing current winter supply risks adding downside pressure to near term prices but with supply still a risk for next year. Global LNG supply is not expected to see a significant ramp up to help ease the upside price risks until 2025 and beyond. Europe is dependent on LNG imports and is likely to remain sensitive to any supply disruptions.
- The Sum24-Win24 is down to the lowest since early October to -4.05€/MWh from around -3.3€/MWh last week.
- TTF DEC 23 down -5.3% at 40.5€/MWh
- TTF Q1 24 down -5.2% at 41.55€/MWh
- TTF SUM 24 down -5% at 40.85€/MWh
- TTF WIN 24 down -4.2% at 44.91€/MWh
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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