Volatile TTF Reverses Earlier Gains

TTF reverses earlier gains as volatile trading continues with healthy storage levels and low industrial demand weighing on the market despite tight supply concerns from Norway and LNG imports.

• LNG sendout to Europe has dropped down to 304mcm/d on 1 July to the lowest level since lows in August and September last year. NW European sendout in below last year’s levels for the first time since a brief dip below in mid April.
• Above normal weather in early July has helped support TTF with the latest forecast showing temperatures warming until about 9-10 July before drifting back towards normal slightly.
• Northeast Asian spot LNG prices holding in the low $10s/mmbtu have drawn interest from Thailand’s PTT for three cargoes on DES basis for Sep-Oct delivery according to Bloomberg.
• The front month JKM-TTF spread is back in positive territory having dipped negative earlier today with the spiking TTF prices.
  • TTF AUG 23 down -2% at 36.36€/MWh
  • TTF WIN 23 down -2.3% at 50.75€/MWh
  • TTF SUM 24 down -2.2% at 50.17€/MWh
  • TTF WIN 24 down -1.8% at 52.2€/MWh
  • JKM Aug 23 up 1% at 12.24$/mmbtu
  • JKM-TTF Aug 23 up 0.2$/mmbtu at 0.59$/mmbtu