Free Trial

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

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.