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Volatile EU Gas Falls On Warmer Weather

NATURAL GAS

TTF extends the decline from yesterday as weather forecasts drive market volatility as they shift away from the cooler weather.

    • TTF DEC 22 down -8.3% at 104.5€/MWh
    • TTF SUM 23 down -7% at 113€/MWh
  • Temperatures are falling into the weekend but are expected to recover next week back above normal after a couple of below normal days.
  • Europe remains highly demandant on LNG supplies with global spreads helping to maintain high supplies despite uncertainty over the return of the US Freeport LNG export terminal. LNG supply to Europe was up at 430mcm/d on Nov 14.
  • Norwegian flows to Europe are currently reduced due to the ongoing outage at Aasgard and works at Oseberg which will cause a complete halt for one day next week on Nov 24. Nominations are today at 298.7mcm/d.
  • European storage is holding steady at 95.46% as of Nov 15 and gas supplies via Sudzha in Ukraine unchanged at 42.4mcm/d
  • EU members continues discussions regarding the proposed gas market correction mechanism on TTF ahead of the energy ministers meeting next week.
Energy BulletsCommodities
Energy BulletsCommodities

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