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Volatile TTF Front Month and Spreads Recover From Earlier Lows


The Q1 2024 – Sep 23 spread is back over 20€/MWh with the pull back in near term TTF prices in response to optimism that LNG strikes in Australia might be avoided. The Win24- Win23 spread is back up to nearly 5€/MWh. Front month TTF pulled back to a low of 29.5€/MWh earlier today before rebounding slightly back over 32€/MWh.

  • Unions representing workers at Woodside Energy Group North West Shelf LNG operations are considering a “strong offer” from the company. A union ballot of workers at Chevron’s Gorgon and Wheatstone downstream facilities to vote for industrial action will close this morning.
  • TTF is also finding some support with European supplies falling due to a reduction in supplies from Norway as the seasonal maintenance starts and is expected to extend through most of September. Front month TTF was trading around 30€/MWh before the threat of strike started on 9 Aug.
    • TTF SEP 23 down -12.3% at 32.25€/MWh
    • TTF WIN 23 down -8.1% at 48.41€/MWh
    • TTF SUM 24 down -6.2% at 50.25€/MWh
    • TTF WIN 24 down -5.8% at 53.33€/MWh

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