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Warm Weather and EU Proposals Ease Winter Supply Fears

NATURAL GAS

TTF extends decline due to the warm start to the winter and increasing storage level to 93.4%, easing fears of short term supply disruptions.

  • EU Energy Minister will meet tomorrow to continue discussion of more emergency measures including joint gas purchases and a temporary dynamic gas price corridor. EU efforts earlier this year helped bring prices down over 70% from the peak in August. In the last couple of months EU have approved measures to reduce power demand, reduce gas demand, a solidarity contribution, generation revenue cap and gas storage targets.
  • Concern remains over tight supplies beyond this winter with demand reduction measures likely required until LNG supplies can increase to cover the missing Russia flows.
    • TTF NOV 22 down -15% at 96.5€/MWh
    • TTF SUM 23 down -6% at 137.4€/MWh
    • TTF WIN 23 down -5.3% at 134.67€/MWh
    • TTF SUM 24 down -2.7% at 98.28€/MWh
    • TTF WIN 24 down -2.9% at 97.5€/MWh
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