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Volatile Trading Sees TTF Recover Earlier Losses

NATURAL GAS

Volatile trading sees TTF jump back to positive recovering losses from earlier in the day before easing back again.

  • The arrival of warm weather in NE Europe has helped ease the pressure on supplies to Europe but forecasts show temperatures falling back to normal at the end of December.
  • EU yesterday agreed to a cap on gas prices at 180€/MWh starting from 15 Feb.
  • The cap could impact on the future ability for Europe to secure LNG cargoes if spreads favour Asia and Europe is unable to increase prices to secure cargoes.
  • The price cap without a cap on demand risks encouraging consumption and could tighten global supply next year according to a report by Goldman Sachs yesterday.
    • TTF JAN 23 down -0.5% at 108€/MWh
    • TTF SUM 23 down -0.6% at 109.5€/MWh
    • TTF WIN 23 up 0.1% at 110.59€/MWh
    • TTF SUM 24 down -2.1% at 83€/MWh
    • TTF WIN 24 down -1.9% at 80.6€/MWh
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