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TTF up 32% this Week on Supply Issues

NATURAL GAS

After a volatile week with prices spiking up as high as 148.75€/MWh, TTF is currently up about 32% on the week at 124€/MWh.

  • The nominated Russian flows through Nord Stream are unchanged today at 64.9mcm/d compared to max flows nearer 167mcm/d seen at the start of the month. Gazprom say that delays to the return of a turbine from maintenance in Canada are causing the restriction with no timescale for a potential resolution. Both German and Italy have suggested the flow restriction are politically motivated.
  • Europe has seen high LNG imports so far this year with a push to increase storage levels ahead of the winter. The outage of the US Freeport LNG export terminal has put doubt over what level of imports can be maintained and therefore could impact Europe’s ability to keep filing storage quickly. Gas spreads still suggest the delivery of spot cargoes is more favourable to Europe over Asia.
  • Norwegian supply is slightly higher today at 323.8mcm/d and storage levels are up to 52.45% after a slight fall yesterday due to the high market prices.
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After a volatile week with prices spiking up as high as 148.75€/MWh, TTF is currently up about 32% on the week at 124€/MWh.

  • The nominated Russian flows through Nord Stream are unchanged today at 64.9mcm/d compared to max flows nearer 167mcm/d seen at the start of the month. Gazprom say that delays to the return of a turbine from maintenance in Canada are causing the restriction with no timescale for a potential resolution. Both German and Italy have suggested the flow restriction are politically motivated.
  • Europe has seen high LNG imports so far this year with a push to increase storage levels ahead of the winter. The outage of the US Freeport LNG export terminal has put doubt over what level of imports can be maintained and therefore could impact Europe’s ability to keep filing storage quickly. Gas spreads still suggest the delivery of spot cargoes is more favourable to Europe over Asia.
  • Norwegian supply is slightly higher today at 323.8mcm/d and storage levels are up to 52.45% after a slight fall yesterday due to the high market prices.